Weekly Insight learns from media reports that Reliance Industries (RIL) has drilled 54 new wells in three shale gas projects in America. During the first nine months of 2012-13, the company witnessed 16 per cent sequential growth in prod
Tag: natural gas
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ONGC expects 27 mn t oil output in 2012-13
Sudhir Vasudeva, Chairman and Managing Director of Oil and Natural Gas Corporation (ONGC) informed that his firm may produce 27 million tonne of crude oil and 25.7 billion cubic m of gas in 2012-13. Even in 2011-12, the firm achieved similar level of production. However, the firm aims to add 2.9 million-tonne oil equivalent to its output in 2013-
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GAIL revives Rs 75.9 bn gas pipeline project
Reports indicate that Gas Authority of India (GAIL) has revived the much delayed Rs 7,596 crore Jagdishpur-Haldia gas pipeline gas pipeline project. It is learnt that the groundwork for the project, which was sanctioned in 2007, is yet to start. The project was sanctioned almost 5 years ago. However, first a glitch over gas availability led to delay in exec
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RIL to borrow $500 mn from foreign investors
In order to fund its exploration activity and also for the expansion of its petrochemical business, Reliance Industries (RIL) is in the process of borrowing up to $500 million (Rs 2,701 crore) through issue of perpetual bonds to foreign investors. The company decided to borrow abroad despite sitting on a cash pile of around Rs 75,000 crore because it wa
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RIL gets no order to stop work at KG block
Government has not ordered Reliance Industries (RIL) to stop work at any of its KG-D6 gas fields and other blocks that figure in the list of 14 areas that have been classified as "No-Go" areas by the Defence Ministry, company sources said. It may be noted that RIL's KG-DWN-98/3 or KG-D6 block is declared as "No-Go" as it overlaps with a prop
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Ministry works on coal bed methane policy
Union Minister for Petroleum and Natural Gas Veerappa Moily informed reporters that his ministry is in the process of revising the coal-bed methane policy introduced in 1997 in order to suit present conditions. He said the ministry would discuss with the coal ministry in this regard. Meanwhile, Moily said his ministry would be putting befo
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Oil ministry proposes to adopt new gas price formula
Media reports suggest that the union petroleum ministry wants the government to adopt the pricing formula for natural gas proposed by the Rangarajan Committee. Specifically, the ministry wants the pricing formula to apply to all forms of natural gas - conventional, shale and coal-bed methane (CBM). Also, the ministry prop
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Mining, quarrying sector contracts 5.5% in Nov
Output in the mining and quarrying sector declined 5.5 per cent during November 2012 as compared to the corresponding month of previous year, an official statement from Mines Ministry said. On a sequential basis, the output contracted 0.7 per cent in November 2012 to Rs 17,004 crore in value terms, mainly on account of less output of iron ore, natural gas and
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Govt subsidy may rise under pricing formula of panel
According to some estimate, government will have to bear an additional subsidy burden of Rs 28,800 crore if it implements the Rangarajan committee formula for pricing natural gas. The committee, set up under Prime Minister's Economic Advisory Council Chairman Rangarajan, suggested a price formula which is the mean of the prod
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EAC clears Cairn’s plan to raise output
The Expert Appraisal Committee (EAC) under the union environment ministry gave conditional clearance to the plan of Cairn India to raise crude oil output capacity from its Mangala Processing Terminal in Rajasthan. The approval would enable Cairn India to raise oil production from 175,000 barrels per day (bpd) to 200,000 bpd and associated gas from 35 to 40 million stan