Milestones in oil and gas sector during 2007

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.


Support TwoCircles

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.

SUPPORT TWOCIRCLES HELP SUPPORT INDEPENDENT AND NON-PROFIT MEDIA. DONATE HERE