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NEWS|Business 
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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

Net neutrality: Stop Airtel Zero from doing 'hafta vasooli' or it will kill your business

from firstpost

Net neutrality: Stop Airtel Zero from doing 'hafta vasooli' or it will kill your business

Some of you may remember the huge hype around VAS (Value Added Services) startups in India less than a decade years ago - remember SMSing to get your horoscope for the day, or a cricket score update? ...


Chinese hackers target Southeast Asia, India, researchers say

from firstpost

Chinese hackers target Southeast Asia, India, researchers say

Hackers, most likely from China, have been spying on governments and businesses in Southeast Asia and India uninterrupted for a decade, researchers at internet security company FireEye Inc said.In a r...

No sell-off in Coal India for next 6 mnths: Divestment Secy

from moneycontrol

No sell-off in Coal India for next 6 mnths: Divestment Secy

The government will fast track the approval process for divestment in select PSU bluechips, Disinvestment Secretary Aradhana Johri said in an interview to CNBC-TV18 Monday.The government has set a di...

SBI, HDFC rate war is all tokenism; customers are unlikely to benefit hugely

from firstpost

SBI, HDFC rate war is all tokenism; customers are unlikely to benefit hugely

India's top home loan lenders are engaged in a rate war and it is a joke of a rate war.State Bank of India, the country's largest lender, yesterday announced a cut in home loan interest rate by up to ...

Stocks in news: ONGC, L&T, Jet, JSPL, HDFC, SBI, HDIL, GMR

from moneycontrol

Stocks in news: ONGC, L&T, Jet, JSPL, HDFC, SBI, HDIL, GMR

Here are stocks that are in news today:Reliance Industries Commissions 650 KTA PET Resin Plant At DahejWith The Plant Commissioning, Co’s Total PET Capacity Will Increase To 3.2 MMTPAJet Airwa...

Air Pegasus begins commercial operations

from moneycontrol

Air Pegasus begins commercial operations

Air Pegasus, promoted by Decor Aviation Private Limited, today commenced its commercial operation with a daily to and fro flight to Hubballi and Thiruvananthapuram from here."Commercial operation with...

'Net neutrality:India should not let telecos charge more'

from moneycontrol

'Net neutrality:India should not let telecos charge more'

Amid the raging debate over net neutrality in India, a leading daily here has said India's policy makers should not allow telecom companies to charge users extra fees for internet services as such a m...