Imperial Energy, which identified the Bazhenov shale formation in its oil and gas block in the Tomsk region of Western Siberia, Russian Federation, plans to develop it with the help of a global energy company. The company, which was acquired by ONGC Videsh in 2009, plans to induct an equity partner to develop the area, which is said to have the worldĂâs single biggest reser
Tag: reserves
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Board of OIL clears plan to set up foreign arm
In order to pick up stake in foreign oil and gas assets, pubic sector energy explorer Oil India (OIL) plans to set up an overseas subsidiary. At a meeting on April 10, the board of OIL cleared the decision to set up a subsidiary, which will have a separate board and managing director akin to the corporate structure of ONGC
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250 existing blocks said to have shale gas reserves
India is said to be having shale gas reserves in at least 250 existing oil and gas blocks. According to government estimates, a few basins in India together have a potential to produce 63 trillion cubic feet (TCF) of shale gas, while it has a total shale potential of close to 300 TCF. Experts say shale gas and oil reserves may be present in at least 11 more basins
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TSMC buys stake in Howse deposit in Canada
Tata Steel Minerals Canada (TSMC), a subsidiary of Tata Steel, bought half the interest in Labrador Iron MinesĂâ (LIM) Howse deposit for Canadian dollars 30 million (Rs 160 crore). In the areas of logistics and potential offtake arrangements, TSMC and LIM have entered into multi-part co-operation agreements as they operate adjacent iron ore projects spread over the Provinces of Newf
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East-West Petroleum eyes shale reserves in Assam
Assam government received interest from East-West Petroleum Corporation for investing in the state's potential shale gas assets. The Canadian firm, which is owned by the industrialist, Herb Dhaliwal, feels that the state possesses huge shale gas potential and the fuel could be extracted by adopting new technology. Dhaliwal, the first Canadian Cabinet Minister of Indian origin, said his company was keen to invest in a big way in the
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