Reports indicate that the state-run explorer ONGC would pay international price for crude oil produced from its marginal fields to the service contractors. ONGC, which holds about 165 marginal fields (offshore and onshore), enters into service contracts with companies having expertise in developing these fields through a bidding process
Tag: exploration
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OIL, IOT agree to collaborate on oil and gas distribution
Oil India (OIL) agreed to explore the development of city or natural gas distribution network in India and overseas in partnership with IOT Infrastructure & Energy Services. Both the firms signed a memorandum of understanding (MoU) in this regard recently. The MoU is for the EPC (Engineering-Procurement-Construction) jobs related to the distribution network of gas
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RIL to drill probe well in KG D6
Niko Resources informed that its partner Reliance Industries (RIL) has spud its first exploration well in more than five years on the flagging natural gas fields in KG-D6 block. Niko is the minority partner of RIL in the Krishna Godavari basin block. RIL has spud the MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block in its efforts to explore new reserves to supplement falling
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Cairn India shows interest in downstream sector
Cairn India has shown interest to be a part of a joint venture GAIL India and Rajasthan State Petroleum Corp (RSPCL) for supply of natural gas in Rajasthan. With this, the Anil Agarwal-led Cairn India plans to enter into the downstream sector, which refers to the refining of petroleum crude oil and the processing and purifying of raw natural gas, as well as the marketing and d
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RIL produces 1.58 tn cubic feet of gas till March 2012
Minister of State for Petroleum Panabaaka Lakshmi informed Lok Sabha that the actual cumulative natural gas production at Reliance Industries' (RIL) D-1, D-3 fields of KG D6 Block up to March 31, 2012, was 1.584 trillion cubic feet against the projected 2.030 trillion cubic feet. The decline in output in 2011-12 is attributed to water or sand ingress in six out of the total 18 gas producing wells in the D-1 and D
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Investors cast doubt on output forecast of Cairn India
Reports indicate that investors have doubts on the exit production (production at the end of the fiscal) forecast of Cairn India for 2013-14. The Anil Agarwal-promoted firm expects its exit production for March 2014 to be in the range of 210-215 kilo barrel per
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Firms make 118 discoveries in 39 NELP blocks
The Minister of Petroleum & Natural Gas M Veerappa Moily informed Lok Sabha that so far, a total of 118 discoveries (45 oil and 73 gas) have been made in 39 New Exploration Licensing Policy (NELP) blocks. This resulted in establishment of In-Place oil volume of 39.76 million metric tonne (mn t) and gas volume of 705.36 billion cubic meter (BCM) respectively. He added that a total of 360 exploration blocks were offered unde
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SEEPCO, ONGC may close $2 bn oil and gas deal
Sterling Energy and Exploration Production Company (SEEPCO) may sell its 25-30 percent stake in four hydrocarbon blocks in Nigeria to ONGC Videsh, the overseas arm of Oil & Natural Gas Corp (ONGC). The value of the deal, which is not yet finalised, is expected to be $2 billion. Both the companies entered into a confidentiality agreement for the deal and OVL is reportedly conducting due
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Supply may outstrip demand in medium term
Media reports indicate that although the global demand and supply for crude oil and natural gas is in balance, in the medium term supply may outstrip demand. In the short-run, higher production from shale in North America is being offset by substantial outages elsewhere, principally as a result of sanctions on
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ONGC to invest Rs 40.5 bn on 2 projects
At a recent board meeting, the state-run energy explorer ONGC decided to invest over Rs 4,050 crore to upgrade Western offshore facilities (on the Arabian Sea) through two major projects. The first project includes revamp of Unmanned Platforms Phase – II in Mumbai High and Neelam & Heera Asset. The total revamp job is expected to be completed by pre-monsoon 2016