Latest news with #PankajJain
Time of India
18-07-2025
- Business
- Time of India
ONGC inks pact with BP for drilling stratigraphic wells in India
State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential , strengthening India's long-term energy security , Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. "#ONGC has signed a strategic Memorandum of Understanding ( MoU ) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins : Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that "we have been talking about sometime ... called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. As part of the agreement, ONGC will be putting in money, BP will provide expertise, he said. In a statement, Kartikeya Dube, Head of Country, bp India, and Senior Vice President, bp group, said: "We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells." Stratigraphic wells are drilled mainly for the purpose of stratigraphic information to provide aid in oil and gas explorations. PTI
News18
17-07-2025
- Business
- News18
ONGC inks pact with BP for drilling stratigraphic wells in India
New Delhi, Jul 17 (PTI) State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security, Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. '#ONGC has signed a strategic Memorandum of Understanding (MoU) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that 'we have been talking about sometime … called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 17, 2025, 22:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
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Business Standard
17-07-2025
- Business
- Business Standard
ONGC, BP to drill stratigraphic wells for India's energy security
State-owned ONGC has signed an agreement with global energy giant BP to collaborate on drilling multiple stratigraphic wells in India. This partnership will enhance geological understanding and unlock untapped hydrocarbon potential, strengthening India's long-term energy security, Oil and Natural Gas Corporation Limited (ONGC) said in a post on X. "#ONGC has signed a strategic Memorandum of Understanding (MoU) with @bp_plc on 17 July 2025, to collaborate on drilling stratigraphic wells in India's Category II & III offshore sedimentary basins: Andaman, Mahanadi, Saurashtra, and Bengal," the oil major said. The MoU was signed in the presence of Union Ministry of Petroleum and Natural Gas Hardeep Singh Puri on the sidelines of Urja Varta 2025 event in the national capital. Pankaj Jain, Secretary, Ministry of Petroleum and Natural Gas, said this was one of the initiatives that "we have been talking about sometime ... called stratigraphic wells." This is the first of the series of such initiatives which will be done. ONGC has taken the leap to tie up with BP in terms of well design, well location, understanding geology etc. As part of the agreement, ONGC will be putting in money, BP will provide expertise, he said. In a statement, Kartikeya Dube, Head of Country, bp India, and Senior Vice President, bp group, said: "We believe drilling of new stratigraphic wells will be very valuable and can lead to a new understanding and potential. bp's experience in deep water exploration supported by new seismic technologies would be of great assistance during the evaluation and subsequent drilling of stratigraphic wells." Stratigraphic wells are drilled mainly for the purpose of stratigraphic information to provide aid in oil and gas explorations.
Indian Express
10-07-2025
- Business
- Indian Express
FinMin may soon finalise compensation package for oil marketing companies' losses on LPG sales
The Finance Ministry may soon finalise a compensation package for public sector oil marketing companies (OMCs) to cover their losses on sale of cooking gas cylinders below market price 'in consumer interest', according to a source in the know. The compensation to give relief to the OMCs — Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL), and Hindustan Petroleum Corporation (HPCL) — is expected to be from the additional mop-up from the hike in excise duty on petrol and diesel that took effect in April. The proposal is expected to be considered by the Union Cabinet soon, as per sources. 'We have received the request. It is under consideration. We are looking at the amount of under recovery and discussing the modalities for compensation,' an official source said. The ministries are in discussions to finalise the modalities for routing the excise duty hike amount for compensating the OMCs, the official said. After the funds are released, the official said it is up to the OMCs to decide how to deploy the funds. 'They can make use of those funds for capex or other expenses,' the source said. It is estimated that the three OMCs incurred a cumulative loss of over Rs 41,000 crore on liquefied petroleum gas (LPG, or cooking gas) sales in 2024-25 (FY25) as they have been selling the household cooking fuel way below international prices. In April, Petroleum Secretary Pankaj Jain had said that he was hopeful that the OMCs will be compensated for their accumulated losses on LPG sales over a year or so through an appropriate mechanism by the government. Sources indicated that the Petroleum Ministry has sought support from the Finance Ministry to cover these losses. Support was also sought before the Budget for FY26, but no relief was provided at the time. Annual petrol and diesel sales in the country stand at around 16,000 crore litres, which means that the Rs 2-per-litre increase in excise duty announced in April should lead to an additional revenue of around Rs 32,000 crore for the government on an annualised basis. The Petroleum Ministry and the OMCs expect this incremental revenue to flow back into the OMCs as government support to cover losses on LPG sales. Notably, in October 2022, the government had approved a one-time grant of Rs 22,000 crore for OMCs to partially cover their accumulated losses of around Rs 28,000 crore at the time from selling LPG at a loss in consumer interest. According to the Petroleum Ministry's estimates, the average Saudi CP—the international benchmark for LPG pricing—had shot up to to $629 per tonne in February 2025 from $385 in July 2023. This should have ideally translated into cooking gas being retailed at Rs 1,028.50 per 14.2-kg cylinder in Delhi. But at the time, it was being sold at Rs 803. As India depends on imports to meet a bulk of its LPG demand, cooking gas prices are linked to international LPG price benchmarks. In April, along with hike in excise duty on petrol and diesel, LPG prices were hiked by Rs 50 per cylinder, to provide some relief to the OMCs on cooking gas sales. Apart from top oil ministry officials, IOC had also expressed hope that the additional mop-up from fuel excise duty hike could help cover the OMCs' under-recovery on domestic LPG sales. 'The #ExciseDuty increase of Rs. 2 per litre on #petrol and #diesel by Central Government will not be passed on to the consumers. On one hand, this will insulate the customers from the price hike while on the other hand, the collected amount may be utilised towards under-recovery of #LPG, providing relief to Oil Marketing Companies,' IOC had posted on social media platform X on April 7.
Time of India
23-06-2025
- Time of India
Owner's risk no excuse: Punjab and Haryana high court holds railways liable for pilferage losses
Chandigarh: The Punjab and Haryana high court has held the railway department liable for compensating losses due to pilferage of iron consignments even when goods were booked at "owner's risk", clarifying that this classification does not absolve railways of liability if negligence is evident. Citing sections 79, 93, and 94 of the Railways Act, the court has emphasised the duty of the railways to account for consignments once they assume control, even if loaded at private sidings. "The refusal to allow re-weighment, a right under Section 79, was deemed a serious lapse," the court has held. Justice Pankaj Jain passed the order while deciding a 34-year-old matter in the appeals filed by the Steel Authority of India Limited and Indian Iron and Steel Company Limited, challenging the dismissal of their claim petitions by the Railway claims tribunal. The case dates back to the early 1990s, when the steel companies booked consignments of pig iron from Vishakhapatnam to Goraya, Jalandhar. Though the journey was expected to take 6–8 days, the wagons remained in transit for nearly a month. Suspecting pilferage, the consignees requested re-weighment of the goods. However, the request was repeatedly denied by the railway authorities. The companies engaged an independent surveyor, who confirmed significant shortages in the delivered material. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 임플란트, 지금 시작하세요 [자세히 보기] 임플란트 더 알아보기 Undo However, the railway tribunal previously rejected their claims on technical grounds, including lack of proper authorisation to file claims and failure to establish service of statutory notices under section 106 of the Railways Act. In its detailed order released last week, Justice Jain held that the railway tribunal erred. The judge held that the regional manager legal, who filed the claim, was duly authorised under a valid board resolution. Further, the court observed that statutory notice was served and backed by affidavit, and no evidence was produced by the railways to refute it. The single bench was also of the view that the denial of re-weighment and failure to counter the surveyor's findings pointed to such negligence. Finally, the court ordered compensation for the claimants for the full extent of the losses suffered, with 7% interest per annum from the date of filing until actual payment. The cause of action arose in the early 1990s, with the case pending before the high court since 1993. MSID:: 121975080 413 |
