Reliance Industries, the operator of Krishna Godavari-D6 (KG-D6) block with 60 per cent interest, plans to invest $3.18 billion in R-Series gas field in the KG-D6 block as it looks to reverse the decline in output by quickly bringing in new fields on production. The company estimates that output from KG-D6 can reach up to 60 mmscmd by 2019 when all of the satellite fields are put into production.
Category: Oil & Gas
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IGS to supply gas to India
Global oil and gas major BP plans to sell some of the US Freeport liquefied natural gas (LNG) in India through its joint venture firm Indian Gas Solutions (IGS). It may be recalled that IGS is a joint venture between BP and Mukesh Ambani-promoted Reliance Industries,. BP earlier agreed to buy 4.4 mn tpa of liquefaction tollin
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Indian Oil Corp to raise $500 mn loan
Indian government-owned and the country's largest refiner Indian Oil Corp (IOC) will raise $500 million loan by the end of August, sources in the company said on August 13. The company stated that the loan is to be used for working capital requirements.
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Petronet gets its maiden cargo at Kochi port
India's largest importer of liquid gas, Petronet LNG has received the maiden cargo liquefied natural gas or LNG at its just constructed Kochi import terminal in Kerala but the ship hasn't been able to dock at the port because of dredging issues. Petronet on August 12 received a ship carrying LNG from Qatar but the ship could not dock at the port. The ship needs a particular level of clear water depth to navigate and dock at the port.
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GSPC JV to rope in strategic investor for LNG terminal project
Gujarat State Petronet Corporation (GSPC) and Adani Enterprises (AEL) are jointly setting up a liquefied natural gas (LNG) terminal at Mundra in GujaratÂ’s Kutch district. The joint venture is in the process of roping in a strategic investor for 25 per cent stake in the project. It is learnt that eight firms, including India Gas Solutions, the joint
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ISPRL setting up 12.5 mn t oil storage capacity
Indian Strategic Petroleum Reserves (ISPRL) is setting up 12.5 million tonne strategic crude oil storage capacity in Bikaner, Rajkot, Chandikhol and Padur. This is part of the phase-II project, Minister of State for Petroleum & Natural Gas Panabaaka Lakshmi informed the Parliament. In the first phase, ISPRL is setting up storage facilities of 5.
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Govt may help firms insuring oil import from Iran
Media reports indicate that the union finance ministry plans to cover half of a proposed Rs 40 billion fund for underwriting the import of crude oil from Iran. It may be recalled that the union oil ministry and local insurers decided to contribute Rs 10 billion each to the proposed fund
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Net profit of Gujarat Gas rises 91%
Net profit of Gujarat Gas rose 91.2 percent to Rs 101.13 crore during Apr-Jun 2013 compared to Rs 52.88 crore in the year-ago period. Gujarat Gas is a subsidiary of GSPC Distribution Network (GNDL), which recently acquired 73.70 percent stake in the firm. Consolidated profit after tax (PAT) of the firm during the quarter stood at Rs 100.6 crore as against Rs 59.50 crore in the preceding quarter. It may be recalled that this is the first time the firm is reporting the consolidated profit afte
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RIL borrows $487 mn via ECB in June
Reliance Industries (RIL) raised $487 million through external commercial borrowings (ECB), the highest amount among 81 companies which went for ECBs in June. RIL borrowed the amount for a tenure of 13 years and five months for import of capital goods. Besides, RIL, Uttam Galva Steels borrowed $180 million, the second largest amount, for refinancing of rupe
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Brahmaputra Cracker incurs cost overrun on Assam project
Brahmaputra Cracker and Polymer incurred a cost overrun of more than Rs 3,400 crore on its Assam Gas Cracker Project (AGCP) because of inefficient pre-project planning, the government the Comptroller and Auditor General (CAG) of India said. The CAG said this in a report tabled in Parliament. Brahmaputra Cracker and Polymer is a joint venture between GAIL (India), Numaligarh Refinery, Oil India, and the