Cairn India discovers oil reserves in Krishna Godavari basin
Sunday, 15 August 2010
15 August 2010;economictimes.indiatimes.com:Cairn made the discovery in the second well drilled in the block KG-ONN-2003/1 in Krishna Godavari basin. "The company had informed the oil regulator DGH about the discovery but has not put any number to the potential reserves the find may hold," a source said. DGH has only been submitted technical data on the discovery and reserves would be known only when Cairn drills more wells to appraise the find, he said. Cairn had won the block KG-ONN-2003/1 in the fifth round of bidding of New Exploration Licensing Round (NELP). "It is too early to put a number to the discovery," the source said. Billionaire Anil Agrawal-controlled Vedanta Resources has concluded talks to buy a majority stake in Cairn India and an announcement is expected to be made any time now. "Probably, it will be made tomorrow," the source said.
14 August 2010;business-standard.com:Arijit Barman:Mumbai: State-owned Oil and Natural Gas Corporation (ONGC), Cairn’s principal joint venture partner in India, both in its producing fields and in the exploratory assets, is concerned over the potential ownership change at its partner. The oil and gas company is concerned over the ‘inexperience’ Vedanta has in oil exploration. With Cairn being the chief operator in the flagship Rajasthan blocks and in Ravva, Lakshmi and Gauri gas fields in Gujarat’s Cambay offshore basin, ONGC would not want Vedanta to become the operator after the deal. “We cannot afford to be laid back and would like to know how this deal would influence the operations of the gas fields,” sources familiar with the developments said. ONGC is yet to approach the petroleum ministry or Cairn on the issue. It is set to do so if the company perceives its interests being compromised.
15 August 2010;business-standard.com:Sneha Kupekar:Mumbai: Likely to form a joint venture with IOC, BPCL and HPCL. Mumbai International Airport (MIAL), owned by a GVK Power & Infrastructure (GVKPIL)-led consortium, is likely to form a joint venture operations group, with three public sector oil companies to provide a single point distribution and refuelling ATF (aviation turbine fuel) facility at the airport. The three oil PSUs (Public Sector Units) are Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL). A senior official from an oil PSU said: “The talks are still on, but yes, we are looking at having a single point ATF facility at MIAL, for which an operations group between the four is under consideration. However, no structure or such has been finalised.” A spokesperson at MIAL said, “This is yet to be formalised and hence, we would not like to comment at this stage.” Another source from the oil industry confirmed the development. “The discussions have been on for quite sometime, roughly two years. However, due to some glitches, it hadn’t taken off. The operations group, as orally agreed to, was to have a 25 per cent stake for each of the companies. But I don’t think the final agreement will be reached anytime soon.” The move will streamline the process of ATF distribution and refuelling. Also, it would save costs for the three oil PSUs, which together dispense around 210,000 kilo litres of ATF at MIAL every month. However, oil analysts aren’t too optimistic about the extent of cost saving. A Mumbai-based analyst with a brokerage company said: “Oil and gas is a predominantly capital-intensive industry. So, by having a single point for refuelling planes, they’ll just save on their administrative costs. But I don’t think it will be a large amount, as ATF itself does not account for a large part of an oil company’s business.” Since refuelling, storage etc are to be done from a single point, the move is likely to open up around 15-20 acres for land-strapped MIAL. Mumbai Airport has about 2,000 acres, out of which 1,000 acres are occupied. Even after the slum dwellers, occupying a large chunk of MIAL land, are shifted, only about 210 acres will be available for MIAL. MIAL is the country’s second-busiest airport, with over 600 flights a day, and the passenger traffic is expected to go up to 29-30 million this year, which will cross pre-recession levels.
14 August 2010;timesofindia.indiatimes.com:NEW DELHI: As it battles rising competition, Maruti Suzuki drove in five new models with CNG option, including its best-seller Alto. The company will offer factory-fitted CNG cars, and the models are priced at a premium of about Rs 50,000 to the petrol-only version. Maruti's market share slipped below 50% after the launch of compacts from Ford, Volkswagen and GM. Apart from the Alto LXi (Rs 3.23 lakh), other models to sport CNG option are Estilo LXi (Rs 4.05 lakh) and WagonR LXi (Rs 4.11 lakh), Eeco 5-seater multipurpose (Rs 3.64 lakh) and SX4 VXi sedan (Rs 7.47 lakh).
14 August 2010;timesofindia.indiatimes.com:MUMBAI: Private sector lender HDFC Bank is likely to raise interest rates on auto loans by 0.5% within 7-10 days, a senior bank official said on Friday. "Borrowing rates have gone up — we are likely to raise our rates (auto loans) by 0.5% in the next 7-10 days," HDFC Bank senior executive vice-presidentAshok Khanna said. Kotak Mahindra Bank, is also feeling the pressure to raise its auto lending rates, one of its senior officials said. "There is pressure to raise our interest rates on vehicle loans, but we have not yet taken a decision on it," Kotak Mahindra Bank's head of consumer banking, K V S Manian, said. "With deposit rates going up, there is a possibility of a 0.5% hike in auto loan interest rates," he said.
13 August 2010;business-standard.com:Mumbai: Home-grown auto major, Tata Motors, today said it plans to expand its commercial vehicles business globally and is contemplating a new plant for small trucks in India. "We are a dominant player in the Indian market and we now want to be a big player at the international level," Tata Group Managing Director and CEO, Carl-Peter Forster, told reporters here. “Our aim is to tap the global market in the commercial vehicle segment,” he said, adding the company might set up a plant in India to manufacture small trucks. Eyeing a huge opportunity globally in the trucks business, Tata Motors is exploring synergies with its joint venture partner, the Italian auto giant, Fiat, Forster said. “Tata has all the ingredients to be a big player globally," he said. Apart from trucks, the company plans to launch more Fiat cars in India in the coming days. "We are looking at strengthening the Fiat brand in the country. We plan to expand the Fiat product range and marketing team in the coming days," he said. Tata Motors and Fiat have an equal joint venture company in the country called Fiat India Automobiles Ltd which produces Grande Punto, Linea and Palio Stile cars at its factory at Ranjangaon near Pune.
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