In a letter to the union oil ministry, P Elango, CEO of Cairn India asked the ministry to do away with the discrimination between NELP and pre-NELP blocks while giving the right of first refusal for shale gas exploration. It may be recalled that the draft policy for exploration of shale gas provides for giving operators of block awarded under New Exploration Policy (NELP) since 2000, the right of first refusal for exploiting the unco
Tag: output
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SAIL may complete most of expansion project by end FY14
According to a news agency report, Steel Authority of India (SAIL) may complete major portion of its ongoing expansion project by March 2014. While presently the company has a production capacity of 13.82 mn tpa of hot metal, it aims to expand it to 19.5 mn tpa by the end of 2013-14. Since 2006-07, the company has been implementing its Rs 61,870 crore mega capacity expa
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Cairn India expects 215,000 bpd output from Rajasthan block
Cairn India aims to achieve a production level of 200,000-215,000 barrels of oil per day (bpd) during 2013-14 from its Rajasthan block compared to the present production level of 175,000 bpd. The Vedanta group firm has 26 discoveries in the block with an in-place reserve of around 7.3 billion barrels of oil equivalent. The main producing areas in the Rajasthan block are the Mangala, Bhagyam and Aishw
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SAIL invests Rs 424 cr in April 2013
State-run Steel Authority of India (SAIL) invested Rs 424 crore on its capacity expansion project during April 2013, the company's internal note shows. It may be noted that the country's largest steel maker has been expanding capacity at all its major steel plants in Rourkela, Bokaro, Durgapur, Bhilai and IISCO. In the last seven years, the firm invested Rs 44,536 crore, out of the proposed 61,870 crore to raise the annu
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JSW Steel aims 10% growth in FY14
Sajjan Jindal, Chairman and Managing Director of JSW Steel said the firm aims to achieve 9-10 per cent growth in volume and sales during 2013-14. He said this while releasing the earnings results for March 2013 quarter and for the full year 2012-13. During 2012-13, the firm produced 8.52 mn t of steel, with average capacity utilisation of 80 per cent. The
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Minister not satisfied with SAIL’s performance
Union steel Minister Beni Prasad Verma was not satisfied with the performance of Steel Authority of India (SAIL) on the whole and advised the company to take corrective measures immediately. Verma said this after reviewing the March 2013 quarter and the financial year 2012-13 performance of the firm. He expressed his concern on the progress of modernisation and expansion and directed the PSU to bring
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World steel output grows 1.2% in April
Global steel production grew 1.2 per cent in April 2013 to 132.11 million tonne (mn t) compared to 130.50 mn t in the corresponding month of previous year, data from the World Steel Association shows. It is noteworthy that nearly half of the global production has come from China at 65.65 mn t during the month. Steel output in the country grew 6.8 per cent over the same month last year, data the association shows
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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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NMDC produced 27 mn t iron ore in FY13
NMDC produced 27.3 million tonne (mn t) and supplied 26.91 mn t of iron ore to domestic industries during the year 2011-12, which is around 16 percent of the countryÂ’s total production of iron ore of 167.28 million tonne (provisional). Government of India said this in a press release. This is around 23 percent of the total estimated consumption of about 116.3 mn t of iron ore by the dom
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India consumes 3.5% more steel in April
Data from Joint Plant Committee (JPC), an arm of the union steel ministry, shows that the country's steel consumption grew 3.5 percent to 5.6 million tonne (mn t) in April 2013 from 5.4 mn t in the same month. Steel consumption in April 2013 is slightly more than the average 3.3 percent growth in 2012-13. The Indian economy consumed 73.3 mn t steel in the previous fiscal compared to 71 mn t in 2011