Cairn India's three oil fields - Mangala, Bhagyam and Aishwariya - in its Rajasthan block had an in-place oil reserve of 2.19 billion barrels as of March 31, 2013 compared to 2.090 billion barrels as on March 31, 2012. It may be noted that these three fields produced oil at the rate of about 170,000 barrels per day for most part of
Tag: investment
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Report points to slow capacity addition in major ports
The Parliamentary Standing Committee on Transport, Tourism and Culture remarked pointed out to the slow pace of capacity adddition in major ports and said this was lagging behind capacity addition in private ports. In a report tabled in the Parliament, the committee said the government's aim to raise the capacity of the 12 major ports to 1,229.24 million tonne (mn t) by 2017 is a
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Lack of infrastructure prevents IOC from investing in Canada
AMK Sinha, the director of planning and business development at Indian Oil Corp (IOC) informed reporters that lack of pipeline infrastructure in Canada is hindering the firm's investment plan in the country. Although the firm intends to invest in CanadaÂ’s energy sector to gain access to crude and natural gas exports, lack of infrastructure makes it very difficult, Sinh
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Cairn India plans $3 bn investment in 3 years
After announcing earnings results for the full year 2012-13, P Elango, CEO of Cairn India informed that the firm aims to invest $3 billion on oil and gas business in India over the next three years. He further said that over 80 per cent of this investment would go into the firm's prolific Barmer oil block in Rajasthan. The firm would meet the entire inves
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Cairn may not get relinquished blocks on nomination basis
The Directorate General of Hydrocarbons (DGH) opined that Cairn India can repossess the almost 8,000 square kilometre of area in its prolific Rajasthan block
only by participating in future NELP or Open Acreage Licensing Policy (OPAL) bidding. It may be recalled that Cairn India requested the government to return the area that it previously relinquished as it did not find oil or
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Board of Cochin Shipyard to discuss disinvestment plan
The board of Cochin Shipyard would discuss the proposed disinvestment of government in the company when it meets in June. In a first disinvestment in the sector, the government plans to offload 10 per cent stake in the company. This is part of the Rs 54,000 crore divestment target set by the government for 2013-14. The target is almo
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CPT plans dedicated terminal for coastal shipping
Paul Antony, Chairman of the Cochin Port Trust (CPT) informed that the port would allot a dedicated terminal for berthing coastal shipping vessels bringing domestic cargo. The terminal is dedicated to bulk and break bulk cargo and it would come up in the Mattancherry Wharf area where the draft is less than six metre. This follows the demand from firms operating coastal ships for a dedicated berthing area for their vessels in all majo
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World Bank lends $216 mn for road projects
Road projects in Kerala received $216 million funding from the World Bank, which points out that of the 4,340 km highways in the state, around 70 percent are still single-lane with 54 percent in poor condition. Kerala government would use the fund for its Stage Transport Project II (KSTP II). The fund would enable upgradation of 363 km of strategically important state highways
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AP accounts for 22% of gross loan of MFIs
During Jan-Mar 2013, Andhra Pradesh accounted for 22 per cent of the gross loan portfolio held by all the microfinance companies (MFIs) that are the members of the industry body Micro Finance Institutions Network (MFIN). However, all of the above loan exposure turned non performing asset (NPA). According to a government repo
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India Post’s banking dream gets thumbs down from govt
Unconfirmed reports indicate that the union finance ministry opposes the proposal of India Port to foray into banking venture. Officials of the finance ministry raised doubt about the ability of India Post to conduct banking business. It may be recalled that India Post plans to apply for a banking license from