n18
$doaminname = 1
NEWS|Business 
   |

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

HSBC confirms its CEO Stuart Gulliver holds Swiss Bank account

from firstpost

HSBC confirms its CEO Stuart Gulliver holds Swiss Bank account

Europe's biggest bank, HSBC said its chief executive, Stuart Gulliver, holds a bank account in Switzerland that was set up in 1998 to hold bonus payments, responding to a report in the Guardianthat sa...


Don't expect big ticket idea this Budget: Shobhana Bhartia

from moneycontrol

Don't expect big ticket idea this Budget: Shobhana Bhartia

As Parliament gears up to discuss Budget session, Shobhna Bhartia, chairperson and editorial director at Hindustan Times assesses the current mood of the country and what can be expected ahead. The ap...

Oil min leak impact: Industry says lobbying not a dirty word, should be legalised

from firstpost

Oil min leak impact: Industry says lobbying not a dirty word, should be legalised

In the wake of this week's arrests by Delhi Police in connection with alleged corporate espionage, the Associated Chambers of Commerce of India Sunday reiterated their earlier demand for legalising lo...

Budget 2015: However good it is, market will struggle in short term on high valuations

from firstpost

Budget 2015: However good it is, market will struggle in short term on high valuations

Equity benchmarks have had a fantastic pre-Budget rally - nearly 3,000 points from the lows of mid-December - though the market knows the limitations of the Budget in fixing big problems of the econom...

Gold near seven-week low on Greek debt deal, China holiday

from Reuters

Gold near seven-week low on Greek debt deal, China holiday

By A. AnanthalakshmiSINGAPORE (Reuters) - Gold hovered around the key $1,200-an-ounce level on Monday, its lowest in seven weeks, as support for the safe-haven metal eased after a deal was struck over...

BOJ under pressure as some board members question inflation target

from Reuters

BOJ under pressure as some board members question inflation target

By Stanley WhiteTOKYO (Reuters) - Three members of the Bank of Japan's policy board expressed doubts the central bank can meet its inflation target because of a slowdown in underlying prices and falli...