In a strategic move to boost offshore energy exploration and operational efficiency, Oil and Natural Gas Corporation Ltd (ONGC) and Reliance Industries Ltd have signed an agreement to share resources such as supply vessels used in finding and producing oil and gas.
CAG's report on Hydrocarbon Exploration Efforts of ONGC, which was tabled in Parliament today, expressed concern at the company's lack of adequate efforts and results in new fields and wanted the Oil Ministry to reset annual targets set out in memorandum of understanding that the firm signs with the government.
'We plan to add over 100,000 square kilometres every year, to reach an ambitious target of 500,000 square kilometres by 2025.'
Metals bucked the trend and shone across the board.
Lines up a $1-billion capital expenditure plan for exploration purposes abroad.
India-Vietnam relationship has its own imperatives and dynamism. In India's look east policy Vietnam has been the major pivot, at least in terms of security and strategic imperatives, says Rup Narayan Das.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
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