Reserve Bank of India (RBI) allowed state-run oil explorers to invest in their incorporated overseas entities without any limits under the automatic route. It may be recalled that earlier, the navratna public sector undertakings (PSUs) like OVL and OIL were allowed to invest in overseas unincorporated entities only. But the central bank liberalised the existing norms to enable these firms to invest in the incorporated JV/WOS in oil se
Tag: exploration
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RIL may invest Rs 1.5 trillion in core businesses
Media reports indicate that the various businesses of Reliance Industries (RIL) may get Rs 179,000 crore investment in the next five years. Of the total amount, the firm may invest about Rs 151,000 crore towards core oil, gas, refining and petrochemical sectors in the next five years; the rest would go towards the t
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CCI approves operation in 25 oil, gas blocks
The Cabinet Committee on Investment (CCI) approved 25 blocks for continued exploration of oil and gas in its latest meeting. These blocks involve a total of over $4.6 billion of investment. Of this, $2.71 billion of investment has already been made and further investment to the extent of $1.9 billion
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Cairn India awaits govt nod for Rs 50 bn investment plan
Cairn India is awaiting government approval for an over-arching integrated block development plan which envisages investment of Rs 5,000 crore on its Rajasthan oil fields between 2013-2016. The company is also awaiting government decision on extending the Production Sharing Contract (PSC) of the R
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Govt plans to liberalise pricing regime in oil and gas sector
Union Finance Minister P Chidambaram informed foreign investors that the union government plans to liberalise pricing regime in the oil and gas sector in order to attract more investment into the sector. The government is considering a cabinet note on how to move from a production sharing model to revenue sharing model for oil and gas explored and excavated by com
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RIL submits proposal to relinquish low prospectivity area
Reliance Industries (RIL) has submitted to the government a proposal to relinquish low prospectivity area in its eastern offshore KG-D6 block, the company informed this in an investor presentation. Out of a total of 7,645 sq km in KG-DWN-98/3 or KG-D6 block, only 3,412 square kilometer of area will be retained, the firm
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RIL’s US shale assets produce 11 mmscmd gas
Reliance Industries (RIL) produces 11 million standard cubic metre per day (mmscmd) of natural gas from its shale gas operations in the United States. This is higher than the company's share of 9.6 mmscmd gas from its Krishna Godavari basin (KG D6) in the Bay of Bengal. While gas output from KG Basin is a littl
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Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC
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OIL may raise Rs $250 mn via dollar loan
Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent
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RIL finds another reservoir below KG-D6 basin
In a development that may increase output from Reliance Industries' (RIL) KG D6 basin, the company said it discovered another reservoir of natural gas below its existing fields in the basin. Although the company could not ascertain the potential output at the reservoir as it is still drilling in the region, some reports indicate that the new reserve could