At its 39th annual general meeting (AGM) in Mumbai, Mukesh Ambani, Chairman of Reliance Industries (RIL) informed that the firm plans to invest Rs 1.5 lakh crore over the next three years. He remarked that the firm is investing the largest capital in India by any enterprise public or private, Indian or foreign and this is an expression of the faith of Relia
Tag: oil and gas
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Kelkar panel may submit report by Sept
Kelkar committee is likely to submit its report
on the natural gas pricing formula to the government by September 2013, media reports indicate. Under the Chairmanship of Vijay Kelkar, a committee was formed by the union oil Minister Veerappa Moily in March 2013 to suggest steps for enhancing domestic oil and gas production. Later, its scope was expanded to sugg
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Fitch affirms ratings for RIL
Fitch Rating affirmed Reliance Industries' (RIL) long-term foreign currency issuer default rating at 'BBB-' and LT local currency IDR at 'BBB'. In a statement, the agency said the outlook on the foreign currency issues default rating is stable while the same for local currency IDR is positive
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Govt to auction blocks under NELP in FY14
Oil Minister M Veerappa Moily informed a panel that the government would auction exploration area of about 2.7 lakh sq km under New Exploration Licensing Policy (NELP) in 2013-14 once necessary approvals are in place. The minister informed this to the Parliamentary Consultative Committee in Mussoorie. He said the government initiated the process of inter-ministerial clearances for exploring the 2.7 lakh sq km area, which is id
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Cairn’s 3 oilfields hold 2.19 bn barrels of reserves
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
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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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Govt considers proposals of LPG distributors
Reports indicate that the government is considering the proposals of liquefied petroleum gas (LPG) distributors seeking key changes on the proposed distribution policy. During a recent presentation to the union petroleum and natural gas ministry, the distributors called for raising the present ceiling for refill sales by 50 percent. The distributors argue that the existing ceiling on refills is ba
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Offshore oil and gas blocks hold great potential in India
Industry players opine that India's offshore exploration sector holds tremendous potential in terms of oil and gas reserves. According to SK Srivastava, Chairman of Oil India (OIL), offshore exploration will play an increasing role in India's efforts to source crude oil domestically. Of the domestic crude oil output of 38 million ton, the offshore sector accounts for 21 million ton, followed by 1
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ONGC to buy gas detection system
State-run exploration firm Oil and Natural Gas Corporation (ONGC) produces crude oil and natural gas from 110 fields. Of them, 15 contribute 73 per cent of the production. These fields are old.