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Vadodara: Following the successful drilling of the country's first shale gas exploratory well near Jambusar about 60 km from Vadodara, Oil and Natural Gas Corporation (ONGC) has decided to drill more wells in Cambay region of Gujarat, a top company official said."ONGC had drilled the first well in Jambusar in the last week of October in 2013 to exploit the natural gas trapped within the shale formations located in Cambay basin, which is estimated to have a shale gas potential of 20 TCF (trillion cubic feet)," said GC Katiyar, who took over as the Basin Manager of Western Onshore Basin of ONGC (headquartered in Vadodara), today. The data from the first well near Jambusar has given ONGC more leads for further exploration that will help the company ascertain parameters in taking up commercial productions, he said.The results of the first exploratory well will open a new chapter in shale-gas exploration in the country, Katiyar said. ONGC has been spending Rs 2,000 crore per annum on the exploration of oil and gas in Gujarat and Rajasthan, he said. Chairman and managing director of ONGC Sudhir Vasudeva said, India has recoverable shale gas reserves of around 90 TCF, which can satiate India's energy demand for 26 years. Shale gas is natural gas trapped within layers of shale rock and can be utilised as cooking gas and for other commercial purposes.ONGC estimates India's shale gas reserve in the range of 500 to 2000 trillion cubic meters. The corporation has already planned to dig 30 shale gas exploratory wells across the country at the cost of Rs 600 crore by 2014-15.These explorations are expected to be carried out in alliance with ConocoPhilips, a US-based oil company that is leader in shale gas and deep-water exploration. Cambay is one of the basins that has been identified as potentially-bearing shale resources. But apart from the Cambay basin, the ONGC will also explore Krishna-Godavari, Cauvery and Vindhyan sedimentary basins for shale gas in the near future, officials said. PTI

Takata has yet to find 'root cause' of air bag ruptures - exec

from Reuters

Takata has yet to find 'root cause' of air bag ruptures - exec

By Patrick Rucker and Ben KlaymanWASHINGTON/DETROIT (Reuters) - Japanese auto parts supplier Takata Corp on Wednesday acknowledged that it still does not understand what is causing air bag explosions ...


Patel Engineering sells Mumbai land for Rs 300 crore

from moneycontrol

Patel Engineering sells Mumbai land for Rs 300 crore

Patel Engineeringhas sold a 4-acre plot in Mumbai's central business district, BandraKurla Complex, for about Rs 300 crore as part of plans to sell assets to reduce debt. Patel Realty, a s...

Did Flipkart Big Billion Day turn tide against e-tailers?

from moneycontrol

Did Flipkart Big Billion Day turn tide against e-tailers?

Moneycontrol BureauIn his popular book, The Tipping Point, author Malcolm Gladwell outlines the idea of a tipping point as that “moment of critical mass, the threshold, the boiling point”...

Finance Minister for more global cooperation to check tax evasion, smuggling

from ibn

Finance Minister for more global cooperation to check tax evasion, smuggling

New Delhi: Calling upon revenue intelligence agencies to enhance cooperation with their global counterparts to check tax evasion and smuggling, Finance Minister Arun Jaitley on Thursday said fr...

Banks may cut rates once risk appetite returns: Yes Bank

from moneycontrol

Banks may cut rates once risk appetite returns: Yes Bank

There is room for liquidity to drive rates lower near term, feelsYes Bank CFO, Rajat Monga. In an interview to CNBC-TV18’s Latha Venkatesh and Sonia Shenoy, he said a lending rate cut was ...

Plan to double exports from India in next 3-5 years: ABB

from moneycontrol

Plan to double exports from India in next 3-5 years: ABB

Shares of ABBrallied over 15 percent, hitting all-time high of Rs 1396.70 intraday Thursday, after the company’s management clarified that they have no plans to delist ABB India.In a...

Sahara group sells Rs 1,211 cr worth Gurgaon land to M3M

from moneycontrol

Sahara group sells Rs 1,211 cr worth Gurgaon land to M3M

Looking to raise funds to ensure release of its chief Subrata Roy from jail, Sahara has sold a big land parcel at the outskirts of the national capital for Rs 1,211 crore to Gurgaon-based developer M3...