Petrol prices on Thursday crossed Rs 73 a litre mark, the highest level since the BJP government came to power in 2014, while diesel touched a record high of Rs 64.11 a litre.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Indian Premier League boss Lalit Modi defended the IPL's decision not to include Chris Cairns in the auction over alleged match-fixing allegations, and said that the former New Zealand all-rounder is free to sue him. Hitting back at the Kiwi all-rounder, Modi said: 'Cairns is welcome to sue me if he wants.'
Flamboyant New Zealand all-rounder Chris Cairns has been struck off from the IPL auction list because of a match-fixing slur against his name during his stint with the rebel Indian Cricket League. Cairns's name figured in the original list for the January 19 auction, but Indian Premier League commissioner Lalit Modi said the Kiwi's name was removed because of the match-fixing taint.
The Edinburgh-based firm's current application seeking the nod for sale of 40 to 51 per cent in Cairn India, for up to $8.48 billion, has left out three producing properties, including the giant Rajasthan oilfields.
Chandigarh Lions captain Chris Cairns and middle order batsman Dinesh Mongia have been suspended by the Executive Board of the Indian Cricket League on disciplinary grounds. South African all-rounder Andrew Hall will take over as Lions skipper, an ICL statement said, without elaborating the reasons behind the step.
The $9.6-billion deal is contingent upon government nod as the deal involves change of ownership of strategic assets like the giant Rajasthan oilfields.
International investment in the domestic energy sector could get affected if the government unduly delays the deal between Cairn Energy and Vedanta Resources, says Bill Gammell, Cairn India Chairman and CEO of its British parent.
If the waxy crude oil from Cairn's Mangala field in Rajasthan's Barmer area could get the company such high valuations, the prospects of other companies producing higher-grade crude oil or natural gas certainly brighten.
The PM said the new line-up brought in "talent from across the whole of the Conservative party".
RIL is keen on buying Cairn India's Rajasthan crude oil but said it cannot take the oil unless the pipeline from fields to Gujarat coast is built.
In an attempt to stop states from levying local sales tax on inter-state transactions, the Centre has told Rajasthan that only Central Sales Tax can be levied on crude oil sold from Cairn India's fields in the state to refiners elsewhere.
The government has told Cairn Energy that its deal with Anil Agarwal-promoted Vedanta Resources will go through only after a formal proposal to the government is made and all clearances are obtained.
Cairn India, which had made four discoveries in the KG-DWN-98/2 block before selling 90 per cent out of its 100 per cent stake in the block to ONGC in 2005, has written to the oil regulator DGH saying the state-owned firm is grossly overstating the reserves in block, sources said.
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
Minister of state for petroleum and natural gas Jitin Prasada in a written reply to a question in the Lok Sabha said that IOC and MRPL have been allocated 0.20 million tonnes each in 2009-10, while HPCL would offtake 0.30 million tonnes of Rajasthan crude. In 2010-11, IOC would buy 1.5 million tonnes of the crude oil from the nation's most prolific oil discovery in more than two decades, while MRPL would double its offtake to 0.40 million tonnes.
In a setback to the Cairn-Vedanta deal, Solicitor General Gopal Subramanium has reaffirmed that the government can impose preconditions like equitable sharing of royalty in the all-important Rajasthan block for clearing Vedanta Resources' takeover of Cairn India.
The board of ONGC has approved its 30 per cent share of the $2.431 billion revised field development cost proposed by Cairn India for the Block RJ-ON-90/1, petroleum minister Murli Deora informed the Rajya Sabha on Monday. ONGC will invest $729.43 million.
Tom Latham and Colin de Grandhomme guided New Zealand to a series-sweeping nine-wicket victory over Bangladesh in the second Test in Christchurch on Monday after the visitors suffered another second-innings collapse on the fourth day.
ONGC on Thursday said it may invest $1.01 billion in Cairn India's Rajasthan oilfields even though the project offers negative returns as the public sector firm is liable to pay all the statutory levies.
Cairn India is open to buying the 30 per cent stake that government-owned Oil and Natural Gas Corporation owns in its oil block in Rajasthan. Cairn India is the operator of the block, with 70 per cent ownership currently.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
A more effective promotion of domestic manufacturing and mining could significantly reduce the trade deficit in key sectors, says T N Ninan.
Reliance Industries and Essar Oil are keen on buying crude oil from Cairn India's Rajasthan fields even as the petroleum ministry struggles to find takers of the nation's most prolific oil discovery among public sector firms.
London-listed mining group Vedanta Resources is running against time to close a USD 9.6 billion deal to acquire majority stake in Cairn India as government approval for the transaction is held up due to issues raised by state-owned ONGC.
The need for larger investment in infrastructure that is the biggest shortcoming, says A V Rajwade.
After months of dithering, UK's Cairn Energy on November 25 applied for government nod to transfer control in its three producing assets, including the prolific Rajasthan fields to Vedanta Resources.
The market breadth, indicating the overall health of the market was strong
Cairn India, which found India's largest oil field in Rajasthan in over 30 years, has discovered a saline water reservoir near its oil field that will help pump crude oil to the ground level and enhance production.
David Warner scored 124 in his 100th match and combined with Aaron Finch (94) for a record 231-run opening stand, as Australia posted a 21-run victory over India in the fourth One-Day International in Bengaluru, on Thursday. Check out some statistical highlights from the match.
The board of Cairn India is opposed to accepting riders like sharing of royalty and payment of cess on the Rajasthan crude for getting government approval for its parent Cairn Energy's sale of a controlling stake in the company to mining group Vedanta Resources.
The recruitment drive is looking to fill more than 300 key positions for the Rajasthan project, a company statement said.
State-run Oil and Natural Gas Corp (ONGC) may seek management control of the giant Rajasthan oilfields in lieu of allowing UK's Cairn Energy to sell majority stake in its Indian arm that now operates the field, to a non-oil firm, Vedanta Resources for $8.48 billion.
Cairn India on Wednesday said it will invest about $2 billion in the country over the next one and a half years for developing oil fields and building a pipeline which will deliver oil from Barmer in Rajasthan to the coastal areas of Gujarat.
Sebi to fix promoters' side deals with PE investors
Cairn India has received a government approval that will enable it to proceed with the development of a pipeline to transport oil from its flagship fields in Rajasthan.
Cairn India, which is developing the oilfields in Rajasthan discovered by its parent Cairn Energy in 2004, has started preliminary work on the pipeline to bring the oil to market, its chief executive said on Monday.
Cairn India, the oil company 69 per cent owned by FTSE 100 listed Cairn Energy, is raising $625m from a private placement of shares to two investors, one of them Petronas, Malaysia's national oil company. The money will be used to invest in Cairn India, including the development of its large Rajasthan oil fields, for which cost estimates have been rising.
Oil ministry will move Cabinet Committee on Economic Affairs once comments from ministries of finance, law, home, environment and corporate affairs are received.
ONGC Videsh and Cairns India have bid for oil exploration blocks in Sri Lanka.
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