New Delhi: Oil and Natural Gas Corp (ONGC) on Wednesday said that it will commence production from its ultra deep sea gas discovery in the Krishna-Godavari basin off the east coast by 2012-13.

Oil prices jumped to all-time high, and other energy futures also accompanied suit on Monday, on the back of anticipations that the Fed Reserve will slash the benchmark federal funds rate.

The rate cut will back up the stock markets and guarantee demand for oil and gasoline in the upcoming days.

For next month delivery, light, sweet, crude ascended $1.47 to $80.57 per barrel on the NYMEX. It also touched a peak of $80.70 on Monday (September 17).

Deepanjalinagar (Visakhapatnam DT.) – The Union Power Minister, Sushil Kumar Shinde, who was here to lay the foundation for stage II of NTPC Simhadri Super Thermal Power Project involving an investment of Rs.5,038 crore, on Sunday promised that ‘power will be made available to all in the country by 2012’.

Kolkata: A CIL top functionary stated that the coal ministry has nailed down the new coal distribution plan that would be brought out by next week with a few modifications in the e-auction method.

Partha S Bhattacharya, Coal India Ltd chairman said that the administration is scheduled to reveal the fresh coal sale policy within a week.

This will reinstate e-auction of coal after it was banished since December 2006 accompanying exploitation and emergency of coal for core segments. At present, e-booking is followed up to sell coal in the open market by CIL.