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
Tag: production
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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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Oil ministry to send proposal on gas pricing to cabinet
Union petroleum Minister Veerappa Moily informed that he would send the final proposal on the pricing of natural gas to the cabinet committee on economic affairs (CCEA) soon. Industry players are keenly awaiting the government's decision on natural gas pricing as it would have a bearing on their financials. Natural gas producers like Reliance Industries (RIL) are seeking hike in the price of do
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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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Consumers prefer local gas due to high cost of imported gas
Even as several power and fertiliser plants are suffering from insufficient availability of natural gas, they are averse to buy imported gas because of its unacceptably high price. Natural gas-based power producers want a larger share of the domestically-produced cheaper gas, which is priced between $4.2 (RIL's D6 gas) and $5.73 per unit, which is far less than the price of imported gas in the s
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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
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To maintain output, Cairn India mulls 48 more wells
In order to maintain the current peak production level, Cairn India plans to drill 48 wells at a cost of less than $100 million on the Mangala oilfield in its Rajasthan block. Mangala is the biggest among the 26 oil and gas discoveries Cairn has made in the Barmer basin block in Rajasthan
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ONGC, Shell to form partnership for overseas ventures
In order to acquire oil and gas assets abroad, oil explorer Shell and Oil and Natural Gas Corp (ONGC) are considering to forge a partnership. Recently, both the firms said they are keen to come together to explore both upstream and downstream opportunities domestically. Some reports suggest that both the firms would extend this partnership to overseas proje
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Ore output in Odisha may rise in FY14
A news agency reported that Odisha may produce around 65 million tonne (mn t) of iron ore in 2013-14, which is about 5 percent more than the 62 mn t produced in the previous financial year. It may be noted that Odisha is the biggest producer of iron ore in the country. The state government expect higher ore production after it allowed miners in the two high
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Iran offers production sharing contracts to Indian firms
Media reports indicate that Iranian Foreign Minister Ali Akbar Salehi offered production sharing contracts (PSCs) to Indian the oil and gas exploration companies that are investing in the Persian gulf nation. The country's foreign minister is learnt to have made the offer during an India-Iran Joint Commission meeting with