+
 IndianOil stake to be bought by ExxonMobil
OIL & GAS

IndianOil stake to be bought by ExxonMobil

Oil Minister Dharmendra Pradhan revealed this week that talks are in progress for energy pioneer ExxonMobil Corp to purchase a stake in producing oil and gas fields in India, highlighting it as a part of the efforts being made to increase domestic output and reduce imports.

The total area for exploration and production of oil and gas in 2014 was approximately 90,000 sq km. An additional 1.65 lakh sq km of the area has been added with five rounds of Open Acreage Licensing Policy (OALP) and two rounds of the auction of small discovered fields (DSF).

The Texas shale oil and gas revolution in the USA was brought about by small companies. Pradhan added that India is anticipating a similar outcome through progressive policies and involving a lot of small and mid-sized companies. ONGC is currently constructing deepwater oil and gas blocks on the east coast, which at a peak is forecasted to produce more than 15 million standard cubic meters per day of gas.

Another memorandum was signed by ExxonMobil, in October last year, with Indian Oil Corporation (IOC) in a bid to explore ways to supply liquefied natural gas to meet India's rapidly increasing demand for gas. A 5 mtpa LNG import facility in Gujarat is operated by Shell whereas Total of France has collaborated with Adani Group for city gas projects. Pradhan said the exploration area gave a fair picture of the government's intent and policies.

Oil Minister Dharmendra Pradhan revealed this week that talks are in progress for energy pioneer ExxonMobil Corp to purchase a stake in producing oil and gas fields in India, highlighting it as a part of the efforts being made to increase domestic output and reduce imports. The total area for exploration and production of oil and gas in 2014 was approximately 90,000 sq km. An additional 1.65 lakh sq km of the area has been added with five rounds of Open Acreage Licensing Policy (OALP) and two rounds of the auction of small discovered fields (DSF). The Texas shale oil and gas revolution in the USA was brought about by small companies. Pradhan added that India is anticipating a similar outcome through progressive policies and involving a lot of small and mid-sized companies. ONGC is currently constructing deepwater oil and gas blocks on the east coast, which at a peak is forecasted to produce more than 15 million standard cubic meters per day of gas. Another memorandum was signed by ExxonMobil, in October last year, with Indian Oil Corporation (IOC) in a bid to explore ways to supply liquefied natural gas to meet India's rapidly increasing demand for gas. A 5 mtpa LNG import facility in Gujarat is operated by Shell whereas Total of France has collaborated with Adani Group for city gas projects. Pradhan said the exploration area gave a fair picture of the government's intent and policies.

Related Stories

Gold Stories

Next Story
Real Estate

We engineer the way architecture gets built

DALBIR SINGH, Founder, HAACE, on the company’s bespoke approach to translating ambitious architecture into precisely engineered and executed structures.What does bespoke construction mean to HAACE, and how is it different from conventional contracting?For HAACE, bespoke construction means choosing the construction methodology around the design rather than forcing the design into a standard template. Every project is studied around its architectural intent, structural requirements and execution challenges. We deliberately take on a limited number of projects because this approach demands atte..

Next Story
Real Estate

Kamdhenu Realities acquires 4-acre Navi Mumbai land parcel

Kamdhenu Realities has acquired a 4-acre land parcel from RPG Life Sciences on Thane-Belapur Road for approximately Rs 1.5 billion, expanding its commercial real estate portfolio in Navi Mumbai.The parcel has a total developable potential of 1.8 million sq ft, on which Kamdhenu plans to develop a destination-scale commercial and lifestyle ecosystem. The proposed development will combine corporate office suites with high-street retail, F&B outlets, double-height lobbies, business infrastructure and lifestyle amenities.Located close to IKEA and opposite the upcoming Pawane Railway Station, t..

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code