In order to create a steel company of global scale and bring down costs of production, the Committee on Public Undertakings suggested the merger of state-owned steel giants Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL). In a recent report, the panel, which is a body of Lok Sabha members, asked the government to specify clearl
Tag: production
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RIL to drill probe well in KG D6
Niko Resources informed that its partner Reliance Industries (RIL) has spud its first exploration well in more than five years on the flagging natural gas fields in KG-D6 block. Niko is the minority partner of RIL in the Krishna Godavari basin block. RIL has spud the MJ-1 exploration well on the Dhirubhai-1 and 3 gas fields in the KG-DWN-98/3 or KG-D6 block in its efforts to explore new reserves to supplement falling
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RIL produces 1.58 tn cubic feet of gas till March 2012
Minister of State for Petroleum Panabaaka Lakshmi informed Lok Sabha that the actual cumulative natural gas production at Reliance Industries' (RIL) D-1, D-3 fields of KG D6 Block up to March 31, 2012, was 1.584 trillion cubic feet against the projected 2.030 trillion cubic feet. The decline in output in 2011-12 is attributed to water or sand ingress in six out of the total 18 gas producing wells in the D-1 and D
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Investors cast doubt on output forecast of Cairn India
Reports indicate that investors have doubts on the exit production (production at the end of the fiscal) forecast of Cairn India for 2013-14. The Anil Agarwal-promoted firm expects its exit production for March 2014 to be in the range of 210-215 kilo barrel per
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Firms make 118 discoveries in 39 NELP blocks
The Minister of Petroleum & Natural Gas M Veerappa Moily informed Lok Sabha that so far, a total of 118 discoveries (45 oil and 73 gas) have been made in 39 New Exploration Licensing Policy (NELP) blocks. This resulted in establishment of In-Place oil volume of 39.76 million metric tonne (mn t) and gas volume of 705.36 billion cubic meter (BCM) respectively. He added that a total of 360 exploration blocks were offered unde
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Steel output contracts marginally in February
Data from the World Steel Association (WSA) shows that steel output in India contracted a marginal 0.5 per cent to 6.2 million tonne (mn t) in February from 6.229 mn t in the year-ago month. During the same month, global steel production expanded 1.2 per cent to 123 mn t. The US produced 6.7 mn t steel in February 2013, down 11.8 per cent over the same month last year
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Supply may outstrip demand in medium term
Media reports indicate that although the global demand and supply for crude oil and natural gas is in balance, in the medium term supply may outstrip demand. In the short-run, higher production from shale in North America is being offset by substantial outages elsewhere, principally as a result of sanctions on
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SunCoke Energy invests Rs 3.68 bn in Indian JV
US listed SunCoke Energy invested around Rs 368 crore to acquire 49 percent stake in the joint venture, VISA SunCoke, while the Indian partner Visa Steel would hold 51 percent stake. In its board meeting the Kolkata-based steel company Visa Steel formally announced the joint venture, which
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Subdued demand, rain hit output of NMDC
Subdued demand and incessant rain affected the sale of iron ore by state-run miner NMDC. Iron ore sales of the company declined to 5.9 million tonne (mn t) in the quarter ending September 2012 compared to 7.6 mn t in the year-ago period. Similarly, in the December 2012 quarter, the firm witnessed decline in ore sales to 5.3 mn t from 6.4 mn t durin
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MOIL output rises 6.13%
MOIL, a Miniratna Category-I PSU, produced 8.02 lakh tonne of manganese ore during the year 2012-13 (April to December, 2012), and this is 6.13 percent higher as compared to corresponding period last year. The company achieved a total sales turnover of Rs 700.30 crore during the period. It earned profit before tax