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-
Tag: output
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India continues to rank 4th in steel output
Data from World Steel Association (WSA) reveals that India continues to rank fourth in the global steel production after China, Japan and the US in 2012. Even in 2011 and 2010, the country was the worldĂâs fourth largest steel maker with a total production of 73.6 mn t and 69 mn t steel output respectively. In 2012, India
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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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NMDC plans to ramp up ouput
During Jan-Mar 2013, NMDC plans to increase its iron ore production in order to make for the shortage of output in the Apr-Dec 2012 period. Between Apr-Dec 2012, the firm produced 175.56 lakh tonne, which is down from 202.79 lakh tonne a year ago.
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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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China depends less on India for iron ore
China's dependence on India for iron ore has been declining in recent years. The ban on mining in Karnataka and Goa have exacerbated the decline of iron ore export from India to China. Following this, China started relying more and more on South Africa and Australia for ore supply. In 2012, South Africa overtook India to become China's third-bigg
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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
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Analysts expect crude oil prices to be volatile in 2013
Analysts expect crude oil prices to be volatile in 2013 because of mixed signals on the demand and supply front. Although the International Energy Agency (IEA) expects crude oil demand to rise in 2013, slowdown in the global economy indicates that growth in demand may be muted
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Oil ministry prefers amicable settlement of dispute
According to media reports, the union petroleum ministry prefers to weed out contentious issues with Reliance Industries (RIL) through negotiations rather than through legal means. It may be recalled that both the ministry and the company are locked in a dispute over recovering cost of developing KG-D6 basin from the revenue. RIL resorted to ar