Financial Daily from THE HINDU group of publications
Saturday, Nov 09, 2002
Financial Daily from THE HINDU group of publications Saturday, Nov 09, 2002 |
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Industry & Economy
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Petroleum Reliance gas find a morale booster: Naik Our Bureau
NEW DELHI, Nov. 8 THE recent discovery of seven trillion cubic feet gas reserves by Reliance in the Krishna-Godavari basin will improve the international perception about hydrocarbon potential of India, according to the Petroleum Minister, Mr Ram Naik. "(This) has greatly enhanced the prospectivity of India and will go a long way towards changing perceptions about the hydrocarbon potential of the country,'' Mr Naik said today at the Parliamentary Consultative Committee meeting of the Ministry of Petroleum and Natural Gas here. A consortium of Reliance Industries and Niko Resources, Canada, recently made a major gas discovery in the deepwater block KG-DWN-98/3, which has a gas reserve estimate of 7 trillion cubic feet (198 billion cubic metres). ``This is comparable to the gas reserve estimate of 9 trillion cubic feet (255 billion cubic metres) in Vasai (earlier Bassein) field off the west coast near Mumbai, which supplies gas to Gujarat, Madhya Pradesh, Rajasthan, Haryana, Delhi and Uttar Pradesh through the HBJ pipeline,'' he said. This major discovery was awarded under the New Exploration Licensing Policy when the Reliance-Niko Resources combine bagged the exploration block. In an effort to achieve energy security, Oil and Natural Gas Corporation (ONGC) has acquired the 25 per cent interest of Talisman Energy Incorporated, Canada, in Greater Nile Oil Project in Sudan, Mr Naik told members of the committee. ONGC Videsh Ltd, the overseas arm of ONGC, would be investing close to Rs 3,600 crore in picking 25 per cent stake in Sudan project, Mr Naik said. ``This oil field has reserve of 150 million tonnes with an upside potential of even more oil and gas in the block. The field is currently producing about 12 million tonnes per annum and our share would be about 3 million tonnes of crude oil per annum,'' he said.
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