By IANS
New Delhi : Following are some notable highlights of India’s oil and gas sector during 2007, as the global oil prices soared and the country sought to secure its energy needs.
January: Government cuts prices of petroleum fuels.
February: New policy announced to extend open access to companies to transport and distribute gas.
March: L.N. Mittal group becomes equal partner in Bhatinda refinery project with Hindustan Petroleum.
April: Oil and Natural Gas Corp (ONGC) announces 15 million tonne refinery in Andhra Pradesh.
July: Petroleum and Natural Gas Regulatory Board set up with L. Mansingh as the first chairperson.
July: ONGC ties up with Norway’s Norsk Hydro to develop deepwater oil and gas blocks in India.
August: ONGC and British Petroleum (BP) signs pact to collaborate in oil and gas exploration and production business.
August: Oil India Ltd allowed to make initial public offer and list on bourses.
September: ONGC Videsh wins three exploration blocks in Colombia.
September: Reliance Industries awarded oil and gas contract In Kurdistan region of Iraq.
September: ONGC Videsh signs production sharing contract for two deep-water blocks in Myanmar.
September: Ministerial panel approves formulae for pricing of gas discovered by Reliance Industries.
October: ONGC Mittal Energy, a joint venture between ONGC Videsh and L.N. Mittal group, acquires 30 percent interest in an oil block in Turkmenistan.
November: ONGC Videsh wins two exploration blocks in Brazil.
November: Reliance Industries signs production sharing agreement for deep water offshore block in Oman
November: Global crude prices breach $90 level
December: Parliament approves Rs.4.3-billion Rajiv Gandhi Institute for Petroleum Technology
December: Seventh round of auctions for exploration and development of 57 oil and gas blocks opened.