The “Indian Petroleum & Natural Gas Statistics” presents updated comprehensive statistics on various aspects of Indian Petroleum & Natural Gas sector. The data on international developments in respect
Oil and Natural Gas Corp will shut a key facility at its largest gas field off Mumbai, for a fortnight from March 1, to hook up new units, leading to fall in gas output by 38 per cent. ONGC, which had closed a production complex at the Bassein field in January, will shut the second complex BPA to enable additional gas wells in the South Bassein and Vasai East field to be hooked up to the production system. Company officials said the gas output during the shutdown would fall from 17.72 million standard cubic metres per day (mmscmd) from current 28.78 mmscmd. The shutdown of BPB process complex in January led to fall in gas production from 25.5 mmscmd to 15.5 mmscmd. Officials said the company has invested Rs 2,937 crore in additional development of the South Bassein field and another Rs 1,688 crore in the Vasai East field to avoid the expected decline in production this year onward. Under these two major development projects, two offshore platforms BCPA-2 and BCPB-2 are being installed near the existing process complexes of BPA and BPB at South Bassein field. With the implementation of this project, additional 20.53 billion cubic metre gas and 1.974 million tons additional condensate would accrue. Meanwhile, Essar Oil said thet it will raise $2 billion through issue of securities in domestic and international markets. The firm would issue equity shares, convertible debentures, american depository receipts (ADRs) and foreign currency convertible bonds (FCCBs), among others, it said in a filing to the Bombay Stock Exchange. The proposal was approved by the shareholders during their extra ordinary general meeting (EGM) held here.
Oil and Natural Gas Corporation (ONGC) announced discoveries of four sites of crude oil and natural gas in one month after its board meeting on Monday. It said it has notified the director-general of hydrocarbons about the discoveries. Three of the discoveries are onland and the fourth in offshore. The board also cleared three major investments for growth-oriented projects. The onland discoveries have been made in well Kosamba-41 and well Chaklasi-8, both in western onshore and in well Mekrang-7 in Assam. The offshore discovery has been made in well B-12-11 in PEL Block BOFF 1,2,3 on the Arabian Sea. The three projects are the revised configuration of Dahej Petrochemicals Project, the augmentation of the gas-processing capacity of its Hazira complex and the additional participation in the GulfA joint venture. ONGC will take up addi tional participating interest (PI) of 30 per cent in the development phase of Gulf-A in the joint venture block of CB-OS-1, at the northern-most end of the Gulf of Cambay. ONGC's share of 55.26 per cent of the capex would be $57.209 million. The other partners in this joint venture are Tata Petrodyne and HOEC.
Reliance Industries has accused the petroleum ministry of violating Parliament approved norms for oil and gas exploration in the country by proposing new guidelines that it said reduced operational flexibility. The petroleum ministry has proposed guidelines for "enhancing effectiveness' of Management Committee (MC), which oversees oil and gas exploration in areas or blocks awarded to companies under the landmark New Exploration Licensing Policy (Nelp).
Reliance Industries on Wednesday announced that it has discovered natural gas reserves in an exploration block in the Krishna Godavari basin off the country's east coast. The discovery, named Dhirubhai-39, was made in block KG-DWN-2003/1, lying about 50 km from Machilipatnam in Andhra Pradesh. "The gas discovery has been made in the very first exploratory well in this block,' stated a release from the company. Reliance Industries holds 90 per cent interest in the block, while Hardy Exploration and Production India Inc has the balance 10 per cent.
Reliance Industries Ltd. (RIL) on Wednesday announced discovery of gas reserves for the first time in the deep sea block in the Krishna Godavari basin off East Coast. According to an official spokesman here, the discovery was made in block KG-DWN-2003/1, lying about 50 km from Machilipatnam in Andhra Pradesh. The block was awarded to RIL in the fifth round of auction under the New Exploration Licensing Policy (NELP). Dhirubhai-39
The visiting Russian Prime Minister, Victor Zubkov, is learnt to have given a "sympathetic and positive' response to India's plea for a major stake in the Sakhalin III and other major oil and gas projects in far-east Russia. India is a partner in Sakhalin I and gets oil supplies from there. At a 20-minute meeting between Mr. Zubkov and Petroleum and Natural Gas Minister Murli Deora on Wednesday, the latter also took up the Indian oil companies' interest in investing in the Russian oil and gas fields. Opportunities
In an attempt to expand ties in the oil and gas sector and achieve the goal of energy security, India will seek stake in future Russian oil and gas projects, including the prestigious Sakhalin III and IV oil fields off the Russian East Coast, during the visit of Russian Prime Minister Victor A. Zubkov to New Delhi beginning Tuesday.
The government had offered investors freedom to sell oil and gas to any consumers at market-determined prices under the terms of the production sharing contracts (PSCs) in the new exploration and licensing policy (Nelp). But, the evolution of government policies in the sector over the last few months, though ostensibly within the boundaries of the terms of PSCs, is in sharp contrast to these stated intentions, and this may even dampen investor sentiments.
Chief minister Vasundhara Raje seems determined to extract a windfall for Rajasthan and has at the same time opened a new chapter in the area of oil and gas exploration in her desert state.
Many oil companies in Myanmar are pulling out of expensive but fruitless exploriation projects, dashing the military regime's hopes of future oil revenues.
