Search Result for : Exploration

The Dollar Business Bureau Mineral exploration in the country is presently constrained due to lack of participation from the private sector, said Power, Coal, New & Renewable Energy and Mines Piyush Goyal, and suggested a public private partnership (PPP) model to provide a fillip to the mineral exploration activity. “The time is ripe to reflect on where we had gone wrong”, the Minister said while addressing a conference on ‘Indian Mining Industry 2030 - Way Forward’, organised jointly by FICCI and Ministry of Mines on Tuesday. He suggested setting up of a committee that consists of young mining aspirants for developing a position paper to expedite exploration activities. “This committee should look at innovative ways to bring down the time of actual operation of mine after it ...

The Hydrocarbon Vision 2030 for Northeast India sets a goal to increase production of oil and natural gas by two times. Sources: PTI Petroleum Minister Dharmendra Pradhan said that the Northeast region has enormous potential in the oil and gas sector.The Centre on Tuesday announced plans to double the output of oil and natural gas in North East at an investment of Rs.1,30,000 crore over the next 15 years. Releasing the Hydrocarbon Vision 2030 for Northeast India, Petroleum Minister Dharmendra Pradhan said that the region has enormous potential in the oil and gas sector. Under the leadership of Prime Minister Narendra Modi, we decided to prepare a separate vision document for the North East to take the region forward. The entire region has ...

Source: PTI Oil and Natural Gas Corporation (ONGC) is expected to increase its upstream capital expenditure by 10% next year and intensify its exploration activities, taking advantage of the current depressed global energy market. “We want to intensify our exploration activities,” said Sahshi Shanker, director of technology and field services at ONGC. “We are securing more and more rigs,” Shanker said at the annual Platts Top 250 Global Energy Company Rankings. Rig rates are down by 30-40% on the year and other exploration services rates are down by 40-50%, he said. Industry sources at the gala event said more and more rigs were being laid off while services companies seeking new contracts at discounted rates. According to Shanker, ONGC is increasing ...

The Dollar Business Bureau India’s largest international oil and gas exploration and production company ONGC Videsh  on Fridaysaid that it will acquire 15% interest in Vankor oil field located in East Siberia of the Russian Federation. ONGC Videsh Limited signed definitive agreements to acquire up to 15% share in CSJC Vankorneft which is the owner of Vankor field and North Vankor licences, ONGC said in a statement. Rosneft Oil Company holds 100% share in Vankorneft. “The acquisition is subject to relevant board, government and regulatory approvals and is expected to close by mid of 2016,” the statement said. The agreement was signed between ONGC Videsh’s CEO & Managing Director Narendra K Verma and Rosneft’s Chairman Board of Directors Igor Sechin during ...

Source: PIB, Government of India The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday gave its approval to the Marginal Fields Policy (MFP), for development of hydrocarbon discoveries made by national oil companies; Oil & Natural Gas Corporation Ltd. (ONGC) and Oil India Ltd. (OIL). These discoveries could not be monetized for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc. Under the new policy, 69 oil fields which have been held by ONGC and OIL for many years, but have not been exploited, will be opened for competitive bidding. Under this policy, exploration companies will be able to submit bids for exploiting these oil fields. These ...

The Dollar Business Bureau India’s crude oil import dependence based on the domestic consumption of petroleum products was 78.4% during 2014-15. This was informed by the Union Minister of Petroleum and Natural Gas, Dharmendra Pradhan, in a written reply to the Rajya Sabha on Wednesday, as he also mentioned a need to cut crude oil imports. The Minister further informed that the dependence on crude oil imports is the result of an inter-play of several factors like success in new production of crude oil, successful acquisition of assets or equity oil abroad, success in conservation efforts, among others. He further informed that the production of the state-run oil companies remained stagnant over the last few years. While the production of ...