As the government prepares to divest PSUs and raise Rs 54,000 crore, it will simultaneously urge PSUs to invest in infrastructure projects. While this is a smart move to reinvigorate the stranded sector, the irony of public sector investment in private side of equity is not lost. While they stare at a disappointing year for PSUs on the stock exchanges, what has galvanised many of these mammoth organisations that have transformed these custodians of public money into vibrant, corporate and profit
Category: Oil & Gas
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ONGC starts shale gas operations
ONGC has started drilling of shale gas at the Kanteri village in Barkagaon police station area of Hazaribag district. Corporate Communication Chief of ONGC, Bokaro, R Prasad said that in other parts of the world like the US shale gas wells have started in large scale but in India it will be a new experiment at Kanteri. Under this procedure, gas wells will be made by drilling the rocks on the hills of the Barkagaon region. Prasad said ONGC is at present operating in four districts in Jharkhand -
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Rs. 40,000 cr oil refinery, trading hub in Kochi port
As part of an ambitious deep-water outer harbour project, the Union government-owned Cochin port in Kerala has started work on setting up a 20 million tonne export- oriented oil refinery and oil trading hub with private funds. The port is planning 16-m depth outer harbour, so large petroleum product tankers with a capacity to load 1,30,000 tonne can dock.
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Cairn India oil output
Cairn India will explore ways to double oil output to 400,000 barrels a day from about 200,000 barrels. In January 2013, the government approved the company´s plan to raise production to a peak rate of 300,000 barrels a day and next month allowed it to explore for
new oil deposits in Rajasthan.
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RWE opens Indian office
German utility RWE has opened an office in Mumbai to strengthen the Asian presence of its trading subsidiary RWE Supply & Trading, focusing on coal, liquefied natural gas (LNG) and fertilisers. The new office was officially opened this month, adding to the trading division´s existing operations in Singapore and Indonesia.
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Joint LNG procurement
India and Japan, two biggest buyers of liquefied natural gas (LNG), will in next three months look at buying the fuel jointly so as to hammer down high prices. The two nations had in October last year agreed to carry out a joint study to examine ways to mitigate increasing import costs in Asia as well as to maintain stable supplies of LNG to the region.
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Moily to meet investors in Mumbai this week
To restore investors' confidence in oil and gas sector Union Petroleum Minister Veerappa Moily will meet investment bankers and top industry executives in Mumbai next week. The meet has been schedule before launching the tenth bidding round of exploration blocks.
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ONGC Videsh gets 6 oil, gas blocks in Vietnam
ONGC Videsh has been offered five offshore oil and gas exploration areas by Vietnam in South China Sea. The exploration areas are in Kossor block in Uzbekistan and exploration bid has been given without bidding, ONGC said on November 21.
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ONGC’s gas gathering station inaugurated in Assam
The Group Gathering Station, Assam Renewal Project, of the public-sector Oil and Natural Gas Corporation in Assam was inaugurated by the Union Minister of Petroleum and Natural Gas M Veerappa Moily on November 18. Hyderabad-based Megha Engineering & Infrastructure (MEIL) is the lead partner of the consortium which executed the project.
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Mahanagar Gas mulls Rs 1,000 cr IPO next year
Mahanagar Gas, which supplies natural gas to Mumbai, is mulling an initial public offer (IPO) worth around Rs 1,000 crore. For giving a mandate for the public offer, the company expects a valuation of over Rs 6,000 crore and is in talks with banks.