Nov. 26 - Following the failure of the Turkey-Iran-Pakistan-India oil and gas pipeline due to security and cost pressures, visiting Turkish Prime Minister Recep Tayyip Erdogan suggested Turkey could ship oil and gas to India via Israel. The proposed route, through the red sea, will avoid the over- crowded Suez Canal and the longer route around the Cape of Good Hope.

According to the new plan,Turkey would supply India with not only oil and gas but also water, electricity and fiber optic cables. The project is expected to cost over US$10 billion (Rs.496 billion).

Energy abundant Turkey and India plan to increase bilateral trade to US$6 billion by 2010 from the current US$2.6 billion. Read the rest of this entry »

Sept. 22 - Reliance Industries, India's largest privately held company will start pumping oil and natural gas off India's East Coast from early next year. Although pulling oil from 2,400 metres beneath the cyclone-prone, choppy waters of the Bay of Bengal will be a technological feat for Reliance Industries, the company claims that this is India's ticket to energy independence and Reliance's entry into the club of global energy majors.

Within 18 months, oil and gas production from block D6 of the Krishna Godavari basin will increase India's domestic production by 40 per cent, potentially shaving about US$20 billion from the nation's US$77 billion oil import bill, Reliance officials told the Canadian Press. Canada's Niko Resources Ltd.has a 10 per cent stake in the project. A total investment of US$8.7 billion was spent in developing the block. Read the rest of this entry »

June 5 - India's government on Wednesday boosted fuel prices for the second time in a year to stem huge losses at state-run oil firms, stirring widespread political anger and worries about higher inflation.

Prime Minister Manmohan Singh defended the hike in a nationally televised address, saying Indian oil companies were under huge stress as a result of record high global oil prices, reported the AFP.

India, which imports 70 percent of its oil needs to feed its fast-growing economy, raised petrol prices by five rupees (12 cents) a litre and diesel by three rupees — or 11 and 9.4 percent respectively based on pump prices in the capital.

Read the rest of this entry »