Moily forms team to reassess India’s oil and gas potential
21 Jan 2014 11:38 PM GMT
The Multi-Organisation Team or MOT will reassess the potential of all 26 sedimentary basins in the country in light of the oil and gas discoveries since 2001. The previous such exercise was undertaken two decades ago, when 15 sedimentary basins were studied. That estimation put India's oil and gas resource potential at a fraction of the 206 billion barrels of oil and oil-equivalent gas assessed by the International Energy Agency (IEA) last year.
MOT will comprise of exploration heads of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd and will also have an official from the Directorate General of Hydrocarbons (DGH), an oil ministry statement said.
'With the increase in exploration spread and quantum jump in availability of geo-scientific data generated under New Exploration Licensing Policy (NELP) there is a need to revisit the Hydrocarbon Resource assessment of India,' it said.
A full-scale revision is overdue in view of the vast amount of data collected since the previous exercise.
'There is also an urgent need for the fresh estimation in the remaining 11 sedimentary basins as well, for which no hydrocarbon resources have been estimated so far,' it said.
The MOT has been asked to estimate the resources of all 3.14 million square kilometres of the 26 sedimentary basins of India and prepare a basin-wise portfolio.
The team will carry out the resource assessment at ONGC's Keshav Dev Majviy Institute of Petroleum Exploration (KDMIPE) in Dehradun. A National Steering Committee has been set up to periodically review the work done by KDMIPE. The panel will be headed by the Oil Secretary and will include the Director General of Hydrocarbons, exploration heads of ONGC and OIL and the head of the KDMIPE.
'The process of hydrocarbon resource estimation of different basins being sequential, there will be quarterly review meetings by MOT for assessing the progress,' the statement said.
To launch five-kg LPG cylinder sale at Delhi petrol pumps today
New Delhi: Oil Minister M Veerappa Moily will on Tuesday launch sale of 5-kg cooking gas (LPG) cylinders at petrol pumps in the national capital.
The scheme to sell market priced 5-kg cooking gas cylinders was launched all over the country except for Delhi, Rajasthan, Madhya Pradesh and Chhattisgarh in view of theassembly elections in these states.
MOT will comprise of exploration heads of state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd and will also have an official from the Directorate General of Hydrocarbons (DGH), an oil ministry statement said.
'With the increase in exploration spread and quantum jump in availability of geo-scientific data generated under New Exploration Licensing Policy (NELP) there is a need to revisit the Hydrocarbon Resource assessment of India,' it said.
A full-scale revision is overdue in view of the vast amount of data collected since the previous exercise.
'There is also an urgent need for the fresh estimation in the remaining 11 sedimentary basins as well, for which no hydrocarbon resources have been estimated so far,' it said.
The MOT has been asked to estimate the resources of all 3.14 million square kilometres of the 26 sedimentary basins of India and prepare a basin-wise portfolio.
The team will carry out the resource assessment at ONGC's Keshav Dev Majviy Institute of Petroleum Exploration (KDMIPE) in Dehradun. A National Steering Committee has been set up to periodically review the work done by KDMIPE. The panel will be headed by the Oil Secretary and will include the Director General of Hydrocarbons, exploration heads of ONGC and OIL and the head of the KDMIPE.
'The process of hydrocarbon resource estimation of different basins being sequential, there will be quarterly review meetings by MOT for assessing the progress,' the statement said.
To launch five-kg LPG cylinder sale at Delhi petrol pumps today
New Delhi: Oil Minister M Veerappa Moily will on Tuesday launch sale of 5-kg cooking gas (LPG) cylinders at petrol pumps in the national capital.
The scheme to sell market priced 5-kg cooking gas cylinders was launched all over the country except for Delhi, Rajasthan, Madhya Pradesh and Chhattisgarh in view of theassembly elections in these states.
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