Oil India plans to hire an international consultant for gaining technological know-how to exploit heavy oil from its newly discovered wells. The company recently discovered oil reserves in an oil well in the Nachna area at a depth of 1,229 m. The firm also found oil reserves in another well two months ago. Oil found in both these wells comes in the category of heavy oil but India still does not have the technique to exploit heavy oil. During exploration works, oil and gas was found in many areas
Category: Oil & Gas
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Oil India to rope in foreign consultant
Oil India plans to hire an international consultant for gaining technological know-how to exploit heavy oil from its newly discovered wells. The company recently discovered oil reserves in an oil well in the Nachna area at a depth of 1,229 m. The firm also found oil reserves in another well two months ago. Oil found in both these wells comes in the category of heavy oil but India still does not have the technique to exploit heavy oil. During exploration works, oil and gas was found in many areas
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Govt to reconsider oil import from Iran
External Affairs Minister Salman Khurshid said that his government would review in the new year the issue of importing crude oil from Iran. Oil imports from Iran has a steadily declining share in IndiaÂ’s total oil imports with the levels dropping from over 16 per cent in 2008-09 to almost 10 per cent in 2011-12.Earlier, US exempted India from the sanction on import of Iranian crude oil. The bottom line of the conditions of the waiver has been satisfied which is you should not increase dependency
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Govt to reconsider oil import from Iran
External Affairs Minister Salman Khurshid said that his government would review in the new year the issue of importing crude oil from Iran. Oil imports from Iran has a steadily declining share in IndiaÂ’s total oil imports with the levels dropping from over 16 per cent in 2008-09 to almost 10 per cent in 2011-12.Earlier, US exempted India from the sanction on import of Iranian crude oil. The bottom line of the conditions of the waiver has been satisfied which is you should not increase dependency
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EssarÂ’s Vadinar refinery
Essar Oil plans to shore up its finances by processing ultra-heavy crude oil from its Vadinar refinery. Before the refinery expansion, Vadinar used to refine crude oil with an average API (American Petroleum Institute) gravity of 33. After the expansion, it can now refine crude oil with an average API of 28, the official said. Over the last two years, the Gujarat-based refinery has been undergoing expansion. Currently, it has a refining capacity of 20 million tonne per annum.
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EssarÂ’s Vadinar refinery
Essar Oil plans to shore up its finances by processing ultra-heavy crude oil from its Vadinar refinery. Before the refinery expansion, Vadinar used to refine crude oil with an average API (American Petroleum Institute) gravity of 33. After the expansion, it can now refine crude oil with an average API of 28, the official said. Over the last two years, the Gujarat-based refinery has been undergoing expansion. Currently, it has a refining capacity of 20 million tonne per annum.
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ConocoPhillips to choose ONGCÂ’s blocks
International energy giant ConocoPhillips has studied 19 ultra-deep-water blocks of Oil and Natural Gas Corporation (ONGC) and would choose the ones that it plans to acquire.In order to benefit from technology and the experience of ConocoPhillips in deep water blocks, ONGC decided to partner with the company. The US-based firm is holding discussion with ONGC on this matter and it is learnt that the former might pick stake in more than one block.
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Experts on O&G sector
Experts feel that the regulatory regime in the oil and gas sector must evolve to resolve new challenges and promote growth. One of the key issues in the sector is pricing. Oil and gas pricing has been controlled by the government - almost entirely until April 2002 under the Administered Price Mechanism (APM), and through indirect control since.
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RIL to appraise discovery in Cauvery basin
Reports indicate that Reliance Industries (RIL) would appraise its discovery in the Cauvery basin and submit a field development plan to the government. This follows issuance of approval letter by government to the operator (RIL) to appraise the discovery. The move is expected to enable the company extend its deep-water portfolio beyond the controversial D6...
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Govt to introduce shale gas policy soon
Petroleum and Natural Gas Minister, M Veerappa Moily said that his ministry was working on a “positive and forward-looking” shale gas policy that would be placed before the Union cabinet shortly.
Shale gas or natural gas trapped in sedimentary rocks (shale formations) below the earthÂ’s surface, is the new focus area in the US, Canada and China as an alternative to conventional oil and gas.