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

Priority is to bring back Maggi, says Nestle India chief after products' sales take a hit

from firstpost

Priority is to bring back Maggi, says Nestle India chief after products' sales take a hit

New Delhi:With the Maggi ban hitting sales of company's other products as well, Nestle India's new chief Suresh Narayanan on Saturdaysaid bringing the instant noodles brand back to the market is his t...


NDA will have to eat crow on land bill, but here's how to make a comeback

from firstpost

NDA will have to eat crow on land bill, but here's how to make a comeback

The fight appears to have gone out of the Modi government on the Land Acquisition Bill. A report in The Times of India yesterday (31 July) says that the government will swallow the bitter pill and re-...

Delhi's real estate market is in a free fall: Launches down 68%, sales drop by 50%

from firstpost

Delhi's real estate market is in a free fall: Launches down 68%, sales drop by 50%

India's largest residential market, the national capital region, is in a state of correction as builders are staring at piling up of unsold homes and dipping sales. For long, investors have formed a m...

More capital for PSBs a good start, but Jaitley should move to plug the leaking pot

from firstpost

More capital for PSBs a good start, but Jaitley should move to plug the leaking pot

Finally, the NDA government has become proactive in addressing the woes of Indias ailing public sector banks (PSBs). On Friday, the finance ministry said it plans to infuse Rs 70,000 crore until March...

Patience running out? L&T criticises 'unhurried' reform pace as profit dives 37%

from firstpost

Patience running out? L&T criticises 'unhurried' reform pace as profit dives 37%

New Delhi - With its first-quarter profits dipping by a sharp 37 per cent, industrial giant Larsen and Toubro today blamed "unhurried pace of reforms" and the global uncertainties for a subd...

Apple, BMW in courtship with an eye on car collaboration

from firstpost

Apple, BMW in courtship with an eye on car collaboration

BMW and Apple may rekindle a courtship put on hold after an exploratory visit by executives of the world's top maker of electronic gadgets to the headquarters of the world's biggest seller of premium ...

In growth push, Jaitley draws up Rs 70,000 cr capital infusion over 4 years

from firstpost

In growth push, Jaitley draws up Rs 70,000 cr capital infusion over 4 years

New Delhi - Planning to inject $11 billion of capital into debt-laden state banks over the next four years, Finance Minister Arun Jaitley on Friday sought parliament's approval to boost budget spendin...