Aug

18

New Dynamics in Indian Gas Future: RIL-RNRL-NTPC-Petroleum Ministry

Filed Under Capital Markets, Energy, India Business, Indian Government, Infrastructure | Leave a Comment

Given the nature of the multi-billion dollar natural gas resources under dispute, it is interesting, and welcome to have a transparent debate.  This is probably the first time that any corporate in India has taken this approach. We appreciate this this bold stance by Anil Ambani, and we welcome the ad by Reliance ADAG Group.
adag-ad-campaign-18aug2009
The Times of India has put in well:
The multi-crore campaign accusing the petroleum ministry of favoring RIL (Reliance Industries Ltd) at the cost of navratna NTPC in the now famous gas row, made the ministry defensive on Monday, prodded RIL to give out figures and estimates as explanation, and had ad professionals munching on whether this aggressive form of communication through advertising was a game changer.

The case is scheduled for hearing in the Indian Supreme Court on 1st Sep 2009.

May

6

Oil and Natural Gas Corp -ONGC Videsh updates from Middle East

Filed Under Energy | Leave a Comment

ONGC Videsh Ltd, the overseas arm of state-owned Oil and Natural Gas Corp (ONGC), is likely to invest .45 billion in an oil block in Iraq that was awarded to it by the erstwhile Saddam Hussein regime.

“The service exploration and production contract for Block-8 have been concluded and the agreement is likely to be signed in the next couple of months,” an official said.

Block-8, located in the western desert in southern Iraq bordering Saudi Arabia, was awarded to OVL in November 2000 by the then Saddam Hussein government. However, the government formed after the US invasion of the oil-rich country, sought re-negotiation of the contract which has now been concluded. The block already has a discovery and is estimated to hold 645 million barrels of reserves, of which 54 million are recoverable, he said adding OVL has committed investing million in two phases of explo ration and .45 billion in development of the reserves thereafter.

The contract would be a service contract wherein OVL will be paid about 18 per cent rate of return on its investment. The official said OVL was also considering bidding for the six producing oilfields Iraq has put on offer in its first licensing auction.

The official said Iraqi law allows foreign firms to hold a maximum of 75 per cent stake in the oilfields put on offer. The six producing oil fields on offer are: Kirkuk and Bai Hassan in the north, North and South Rumaila, West Qurna-I, Zubair and the three Meissan fields in the south. Besides, two gas fields — Akas in the western Anbar desert and the Mansooriya field in northeast of Baghdad, are also on offer.