n18
Menu
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

Mayawati squanders advantage Dayashankar offered on a platter by attacking his family

from firstpost

Mayawati squanders advantage Dayashankar offered on a platter by attacking his family

We are so naive that it's charming. Bahujan Samaj Party (BSP) leader Mayawati (goddess ofDalits by her own admission) was insulted by BJP's Uttar Pradesh vice-president Dayashankar Singh, who said she...


Parliamentary panel approves debt recovery law with changes

from firstpost

Parliamentary panel approves debt recovery law with changes

New Delhi: Suggesting some changes to the proposed debt recovery law, a parliamentary panel on Friday submitted its report on the bill which seeks to expedite disposal of over 70,000 pending cases inv...

Vedanta makesaggressive pitch for Cairn merger, now offers 3 additional pref shares

from firstpost

Vedanta makesaggressive pitch for Cairn merger, now offers 3 additional pref shares

New Delhi: Unable to quickly absorb its cash-rich oil subsidiary Cairn India, mining billionaire Anil Agarwal's Vedanta Ltd has sweetened the merger deal by offering three additional preference shares...

Hindalco consolidated net profit plunges 95% to Rs 44.8 cr in FY16

from firstpost

Hindalco consolidated net profit plunges 95% to Rs 44.8 cr in FY16

New Delhi: Aluminium maker Hindalco has reported a steep 95 percent decline in its consolidated net profit at Rs 44.8 crore for the fiscal ended March 2016.The flagship firm of the Aditya Birla Group ...

Public investments at twodecade high in FY16, rises 21%; pvt sector contracts 1.4%

from firstpost

Public investments at twodecade high in FY16, rises 21%; pvt sector contracts 1.4%

New Delhi: Public investments in India rose 21 percent last fiscal while private sector funding, which forms 75 percent of overall investor demand, contracted,making the overall trends "unins...

Axis Bank Q1 net profit drops 21% at Rs 1,556 cr as bad loans remain high

from firstpost

Axis Bank Q1 net profit drops 21% at Rs 1,556 cr as bad loans remain high

Mumbai: Private player Axis Bank Friday reported 21 percent decline in net profit at Rs 1,555.5 crore for the first quarter of the current fiscal on account of rise in bad loans.It had earned a net pr...

India's water reservoirs at 34% capacity in week to June 2

from firstpost

India's water reservoirs at 34% capacity in week to June 2

Water levels in India's main reservoirs were at 34 percent of their storage capacity in the week to 21 July, down 3 percentage points from a year earlier, government data showed.The latest levels were...