Mukesh Ambani-led Reliance Industries on Tuesday said it has made the first oil discovery at an exploratory block in the Cambay basin in Gujarat.
The 635-sq km CB-ONN-2003/1 block is located at a distance of about 130 km from Ahmedabad, in Gujarat.
Reliance Industries on Friday said that it has made a sixth oil discovery in the Gujarat block, but did not give the reserves that the latest find may hold.
Australia's Oilex on Monday said it has made huge natural gas discovery in Gujarat that may hold over 1.5 Trillion cubic feet of recoverable reserves. Industry estimates put the total resource base or inplace reserves in the Cambay basin discoveries near the town of Khambat, 160-km south of Ahmedabad, at between 20-30 Trillion cubic feet, almost equivalent to inplace reserves of Reliance Industries' eastern offshore KG-D6 fields.
Cairn India, whose success in Rajasthan may have propelled Reliance to bid for two blocks in the state, has submitted offers for only two blocks -- one onland and one offshore.
The 28 discoveries include Charada structure and Matar field in Cambay basin (Gujarat) and YSAF in KG basin (off Andhra Pradesh coast), the company said. The discoveries made in FY'09 have been notified to the directorate general of hydrocarbons.
The Nifty ended at 4,882 -- down 17 points. The BSE market breadth was negative. Out of 2,808 stocks traded 1,460 declined while 1,290 advanced.
Reliance had won the block in the fifth round of auction under the New Exploration Licensing Policy.
Britains' Cairn Energy has offered to sell its stake in two oil and gas blocks in Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in state-run firm's two blocks.\n\n\n\n
"BG is close to selling its 62.64 per cent stake in the Cambay basin exploration block CB-OS/1 to HOEC. Talks have progressed well and the sale is likely to take place soon," industry sources said in New Delhi.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
The petroleum ministry has blamed negligence for causing the devastating fire at state-owned gas transporter GAIL India Ltd's gas pipeline in Andhra Pradesh that killed 22 people.
It calculated that the government should have got an additional profit share of $ 115.263 million.
Reflective of the conglomerate's ambition to turn into a consumer-driven business, most of the 33 acquisitions in the last financial year were for its digital, retail, or related verticals.
Broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.8%-1%.
The prime minister's visit to Washington should focus more on shopping for energy security and stopping the US from snooping on us, reigning in its popular and innocuously operated instruments to gather intelligence like Google, says Tarun Vijay.
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