A consortium of British Gas, Oil and Natural Gas Corporation and Reliance Industries, which controls the PMT fields off the west coast, is spending about Rs 2,500 crore (Rs 25 billion) for reviving the reserve in this fiscal, while new wells are being drilled at the Cairn-operated Ravva field (off the Andhra coast) for small-sized additional discoveries. The Tapti field has witnessed 'natural decline in the production profile' during the first quarter ended June 2009.
Oil explorer Cairn Energy Ltd has said it would invest $90 million, along with its joint venture partners, over the next nine months toward drilling activity at Ravva, the offshore oil and gas field in the KG Basin.
The consortium has identified a high-value, high-risk prospect at the site.
About 0.9 million standard cubic meters per day of gas produced from the fields lying in Bay of Bengal, off the Andhra Pradesh coast, is currently sold at $3.5 per million British thermal unit.
The Cairn-ONGC-Videocon consortium had last month written to the petroleum ministry seeking a 57 per cent hike in the Ravva Satellite field gas price citing provision in the Production Sharing Contract for the field.
State-run gas utility GAIL India Ltd buys 0.9 million standard cubic meters per day of output from Ravva Satellite fields at $4.30 per mmBtu. The new price sought by the Ravva consortium is 60 per cent more than the maximum price of $4.20 per mmBtu approved for RIL's KG-D6 fields for five years to March 2014.
Bankruptcy court NCLT on Tuesday allowed billionaire Anil Agarwal's Twin Star Technologies to take over Videocon Industries Ltd for about Rs 3,000 crore. Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time. A two-member Mumbai bench of the NCLT comprising members - H P Chaturvedi and Ravikumar Duraisamy - approved the resolution plan by Twin-Star Technologies.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
The government-owned Oil and Natural Gas Corporation, Cairn India's partner in the Barmer block in Rajasthan, is closely scrutinising the stake sale in Cairn India by Cairn Energy.
India has won an international arbitration against British firm Cairn Energy on cost deducted by the operators of Ravva oil and gas field, off the Andhra coast, before payment of government's share of profit petroleum.
Videocon Petroleum has earned a temporary reprieve from termination of its contract for Ravva oil and gas field, by agreeing to pay $15 million as part payment for the profit petroleum due to the government.\n\n\n\n
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
British energy firm Cairn Energy on Wednesday said its oil and gas operations in offshore Andhra Pradesh have not been affected by the Tsunami tidal waves caused by a massive earthquake.
State-owned Oil and Natural Gas Corporation has made a significant gas find off the Andhra Pradesh coast.
India's oil ministry has decided to divert 30,000 barrels per day (bpd) of indigenous crude oil from refiner Hindustan Petroleum Corp, which is being privatised, to feed small state-run refineries in remote areas, officials said.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The reduction in natural gas prices would mean lower raw material cost for compressed natural gas (CNG) and natural gas piped to households (PNG).
Cairn's contractual term for exploring and producing oil from the Rajasthan Block RJ-ON-90/2 expires in 2020 and the area is to return to the block licensee, ONGC.
Mayank Ashar talks about India's business environment.
Mayank Ashar, managing director and chief executive officer, Cair India, says the reform momentum should continue and the industry should do its part too.
For India's upstream sector that has seen no new discovery coming into production.
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