OIL signs MoU with University of Houston to enhance prodn
The Dollar Business Bureau With an intent to enhance its reserves base and maximise recovery from its aging oilfields, state-run Oil India Limited (OIL), has signed a Memorandum of Understanding (MoU) with the University of Houston (US), a leading university on oil and gas in the world. The MoU was inked in the presence of Petroleum & Natural Gas Minister Dharmendra Pradhan, in New Delhi on Wednesday. Terming the MoU as historic, Pradhan said that this minor event will put huge impact in the oil exploration sector. Innovation, institutional hand-holding and scientific temperament is the way ahead for oil and gas sector’s growth. “India is third largest country in the world in energy consumption but it is dependent on imports to meet its demand ...
Russian nod to ONGC's 15% stake in Vankor oilfield
ONGC Videsh has signed a proposal to acquire 15% stake in Vankor oilfield, considered a vital source of Russian oil to China The Dollar Business Bureau A file-photo of an oil production platform at the Sakhalin oil gas project in Russia ONGC Videsh has signed a proposal to acquire 15% stake in Vankor oilfield, considered a vital source of Russian oil to China, for $1.3 billion. The oilfield located in east Siberia, started commercial production in 2009, with reserves of 500 mn tonnes of crude oil and 182 bn cubic meters of gas, and produces 440,000 barrels a day. The field discovered in 1988, is the largest field in Russia and key provider of volumes to the East Siberia Pacific Ocean (ESPO) Pipeline. ...
