The British firm has challenged the Rs 29,047 crore tax notice slapped by I-T department by seeking international arbitration under the UK-India Investment Treaty.
Currently, large quantities of gas is flared (burned) in the north-eastern region because it can’t be piped to the consumers, he said.
CBM is a form of natural gas extracted from underground coal beds, and ONGC’s share in this project would be Rs 658.62 crore.
Cooking gas subsidy fell by Rs 23,316 crore in the first three quarters of 2015-16 compared to the same period year ago.
To begin with, for the oil and gas industry, five petroleum products like, crude oil and aviation turbine fuel would be included in GST at a later date.
In a report tabled in Parliament, the Comptroller and Auditor General of India said bulk of the savings in subsidy was due to sharp fall in global prices.
A Swiss court has ordered Israel to pay its arch-enemy Iran about $1.1bn after it lost an appeal in a long-running dispute over an oil pipeline that predates the 1979 Islamic revolution.
The Swiss Federal Tribunal’s verdict, dated June 27 and published on the court’s website, ruled in favour of Iran in regard to the Eilat Ashkelon Pipeline Company (EAPC), an Israeli-Iranian joint venture set up in 1968 when the Jewish state had friendly relations with the royalist Iranian regime.
The Swiss court ruling also ordered Israel to pay Iran SFr450,000 ($ ) in court costs and legal fees.
The decision is a blow for Israel in its secretive court battle with Iran over proceeds from the pipeline company, which was set up as a way for Tehran to pipe crude from the Red Sea to the Mediterranean via a cheaper and less politically volatile route than the Suez Canal.
Israel nationalised the company after the Islamic revolution in 1979, but has pursued Iran in court in France and Switzerland for billions of dollars of damages for assets and revenues it alleges it lost in the years since.
Parviz Mina, a Paris-based consultant and former official at Iran’s national oil company before the revolution, said Israel has also sought redress against Iran for its embassy and other assets that were seized by the Islamic republic.
“There are claims and counterclaims on both sides,” Mr Mina said.
The EAPC, based in Ashkelon, operates under an Israeli state decree that shrouds its affairs — including the company’s earnings — in secrecy. News reports relating to it in Israel are subject to military censorship.
Israel says the secrecy order is in place for national security reasons, but does not specify what they are.
There has also been no public reaction to the ruling in Iran.
Israel, which sees Iran’s nuclear programme and threats made by Iranian officials against it as a paramount security threat, classifies the country as an “enemy state”.
It is unclear whether it will repay the money ordered by the court.
When the Swiss court originally ruled in last year, Israel’s finance ministry said that laws of trade prohibited it from transferring funds to an enemy country.
Last year’s conclusion of the US-led nuclear deal with Iran — which Israel vocally opposed — and the subsequent easing of sanctions on the lslamic republic, has raised speculation among people who follow the pipeline dispute that Iran might now find it easier to collect on any financial claims against Israel.
An Israeli government spokesman declined to comment on Israel’s loss of the appeal.
In December 2014 the oil pipeline, which the EAPC uses to transport crude from other countries, in southern Israel, causing the worst environmental disaster in Israeli history. The spill is the subject of a civil suit.
With two notable exceptions running against the trend, the six most active North Slope units collectively reported a decline in development drilling in the first half of the year.
According to Alaska Oil and Gas Conservation Commission completion reports for the Prudhoe Bay, Kuparuk River, Colville…
ASRC Exploration LLC is hinting at promising results from its first exploration well, and asking the state for a little breathing room as it proceeds with work at the prospect.
In a letter to state officials, the subsidiary of Arctic Slope Regional Corp. suggested that the Placer No. 3 well expanded…
Ahtna Inc. is preparing for the start of drilling of its Tolsona No. 1 natural gas exploration well about 11.5 miles west of the town of Glennallen, the Native regional corporation for the Copper River region announced Aug. 10. Construction of a new 4-acre gravel drilling pad is complete, with the d…
A new economic-planning group has been formed in Gov. Bill Walker’s office.
Two senior state economists, John Tichotsky and Ed King, have been transferred to the governor’s office from the Department of Revenue, where Tichotsky was chief economist, and the Department of Natural Resources, where Kin…
Faced with issues surrounding Alaska’s fiscal system, the veto of state tax credits by Gov. Bill Walker and the continuing downward pressure on the price of oil, Caelus Energy sees uncertainty over its future plans, Casey Sullivan, Caelus Alaska director of public affairs, told Petroleum News Aug. 8…
Sen. Bill Wielechowski has been in office for 10 years and has seen two wholesale changes to the state’s tax system and proposals for a natural gas pipeline come and go. With the state facing a $3.2 billion to $4 billion deficit, discussions of each become more difficult. Wielechowski, an Anchorage…
Anchorage electricity utility Municipal Light and Power has asked the Regulatory Commission of Alaska to approve a change to the way in which it prices its gas from the Beluga gas field. The gas price calculation, while somewhat esoteric in nature, is important since it directly impacts the cost of el…
Work is progressing on upgrading the northern end of the Dalton Highway, the access road to Deadhorse and the North Slope oil fields. The Alaska Department of Transportation and Public Facilities is conducting the upgrades. The eventual intention is to pave the northerly section of the road, from mi…
The Alaska Liquefied Natural Gas project has scheduled community meetings in Houston on Aug. 23 and in Wasilla on Aug. 24.
Both meetings will be from 6-8 p.m.
Members of the Alaska LNG team will provide project updates and share information about upcoming resource reports.
The Houston/Big Lake/Wi…
Cleanup is underway following July crude oil spills discovered at the Drift River Terminal Facility on the west side of Cook Inlet.
In an Aug. 9 update the Alaska Department of Environmental Conservation, Division of Spill Prevention and Response, said a recovery plan was provided by Cook Inlet Pip…
Unocal Pipeline Co. has again applied to the Regulatory Commission of Alaska for an extension of the transfer of its operating authority in the Trans Alaska Pipeline System.
Unocal has been trying to get out of its 1.35 percent ownership interest in TAPS since 2012, when it notified the other TAPS…
The U.S. Energy Information Administration expects U.S. crude oil production to decrease from an average of 9.4 million barrels per day in 2015 to 8.7 million bpd this year and to 8.3 million bpd in 2017.
EIA said in its Aug. 9 Short-Term Energy Outlook that the forecast reflects declining producti…
The Federal Energy Regulatory Commission has accepted a license application by Kenai Hydro LLC for the construction of a modest-sized hydropower facility at Grant Lake, near the town of Moose Pass, on the Kenai Peninsula, and has launched an environmental assessment for the proposed plant. Kenai Hyd…
Three environmental groups announced Aug. 3 that they intend to sue the Environmental Protection Agency for not enforcing federal air pollution law in Fairbanks.
Six years after the Fairbanks North Star Borough was designated as non-compliant because of unhealthy fine particulate, federal law requi…
The federal District Court in Alaska has brought to an end appeals against the U.S. Fish and Wildlife Service’s designation of critical habitat for the polar bear. Following a February decision by the Court of Appeals for the 9th Circuit overturning an earlier District Court decision upholding the a…
The Federal Energy Regulatory Commission is requesting comments on an alternate route for the planned Alaska LNG project where it crosses Denali National Park and Preserve.
FERC said in a late July notice that in response to scoping comments and working with federal and state regulators, Alaska LNG…
Kenai Beluga Pipeline requested a substantial tariff increase in late May and in early June filed a petition requesting alternative dispute resolution procedures, including appointment of a mediator.
The tariff, an increase from 29.15 cents per thousand cubic feet to 63.98 cents per mcf, was suspen…
The Alaska Royalty Oil and Gas Development Advisory Board will hold a public meeting Aug. 31 at 10 a.m. to consider a proposal from the commissioner of the Department of Natural Resources to sell royalty oil to Petro Star Inc.
See information on the state’s public notices website, https://aws.state….
ConocoPhillips did not export any liquefied natural gas cargoes from its Nikiski LNG facility on Alaska’s Cook Inlet during the first quarter of 2016, according to a report that the company has filed with the Federal Energy Regulatory Commission. In February the company secured an extension to its N…
AECOM, a premier, fully integrated global infrastructure firm, said Aug. 3 that it is proud to announce Rich Kleinleder was selected as a recipient of the 2015 National Marine Fisheries Service Team Member of the Year Award. Team Member of the Year award recipients are honored for their outstanding…
For the fifth year in a row, Arctic Catering and Support Services sponsored a team in AWAIC’s Drive Out Domestic Violence Golf Tournament, and the event photography for the tourney.
ACandSS’ team was an all-female group, led by long-time Executive Director Client Solutions Eileen Simmons. The tournament…
Bearded seals, the largest of the Arctic seals, deserve to be listed as a threatened species because of continuing loss of their sea ice habitat, a federal government attorney told a panel of the 9th U.S. Circuit Court of Appeals Aug. 4.
Robert Stockman of the National Marine Fisheries Service urge…
Caught between an updraft caused by dwindling supply and the gravity of slowing growth in global demand, zinc prices seem to have reached a cruising altitude above US$1 per pound.
Recent closures of two large zinc mines – Century in Australia and Lisheen in Ireland – wiped out more than 600,000 met…
Atac Resources Ltd. Aug. 10 posted results from exploration of the Rau trend located at the western end of its huge Rackla Gold project in Yukon Territory. Follow-up prospecting, mapping and soil sampling has expanded the Airstrip gold anomaly to 11.5 square kilometers (2,840 acres). Discovered in 2…
Goldstrike Resources Ltd. Aug. 10 said drilling is underway at its Plateau South gold property in the Yukon Territory. The drilling started in the Goldstack zone, a seven-meter-wide gold-bearing outcrop where drilling in 2015 cut 17.5 meters averaging 13.5 grams per metric ton gold. The zone is part…
Strategic Metals Ltd. Aug. 9 said the second phase of its 2016 exploration, which includes roughly 5,000 meters of drilling at three of its properties in Yukon Territory, is now underway. Drilling at the Hartless Joe property is testing below trenches at the King and Queen showings, where chip sampl…
Colorado Resources Ltd. Aug. 8 reported that it has already completed 5,482 meters of drilling in 40 holes this year at the KSP gold-silver property in northwestern British Columbia and drilling continues. Colorado is working toward earning up to an 80 percent interest in KSP from Seabridge Gold In…
Klondike Gold Corp. Aug. 8 reported an agreement to acquire 223 square kilometers (55,0000 acres) of mining claims in the Dawson Mining District of Yukon Terrtory from Gimlex Enterprises Ltd., a privately owned Dawson-area exploration and mining business that has been placer mining in the area since…
