Reliance submits dev plan for 8 more KG block discoveries
Reliance Industries has submitted development plan for eight more gas discoveries in its prolific eastern offshore KG-D6 block. "The discoveries are adjacent to the Dhirubhai 1 and 3 gas fields that are currently under development," said Canada's Niko Resources, which is Reliance's junior partner in KG-D6.
While Dhirubhai-1 and 3 discoveries are expected to start production by end September, it is intended that the eight satellite discoveries would be tied back to the Dhirubhai-1 and 3 facilities. Numerous other prospects have been identified in deeper water areas of the block where further upside potential would be evaluated, Niko said. Reliance is investing US $ 5.2 bn in bringing to production Dhirubhai 1 and 3 fields, with initial output pegged at 40 mn standard cubic meters per day that would double in one years time.
Of this, US $ 3.28 bn has already been invested by June 30, it said. "Fourteen of the planned 18 Phase-I wells will be tied in after start-up," it added. Reliance would also start pumping out from the MA oil field in the same block within a months time. "The field is estimated to have a peak oil production rate of 40,000 barrels per day." The company is investing USD 2.234 bn in developing the MA oil fields in the predominantly gas-rich block. Niko has 10 per cent stake in the 7,645 sq kms KG-D6 block.
Reliance is the operator with 90 per cent interest. The block was awarded to Reliance-Niko in India's first international bid round in 1999. "Development of the Dhirubhai 1 and 3 natural gas fields and the MA oil field is substantially complete and exploration is ongoing on this block," Niko said.
Reliance may export diesel to Pak
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RIL to start crude production from KG basin next month
Hyderabad, Aug. 12 With a FPSO (Floating, Production, Storage and Offloading) vessel set to stream into Kakinada from Singapore shortly , Reliance Industries Ltd is gearing up to extract crude from its Krishna Godavari basin wells by the second half of September.
This will be the first deepwater well in the country to produce crude. The FPSO managed by Aker of Norway is being built at Jurong Shipyard, Singapore, and is being leased by RIL for a three-year period.
The MA Fields in the D-6 block in the KG basin will produce about 40,000 barrels a day. The crude evacuated through pipeline grid set up will be shipped through tankers to refineries, according to RIL officials.
However, the gas produced from the KG wells will be pumped back into the wells as there is no possibility to store the gas. Meanwhile, the onshore gas processing facility at Gadimoga is nearing completion. “After the FPSO moves to Kakinada shores from Singapore, within a couple of weeks we expect production to commence from these wells. Initially, it could be about 15,000 barrels a day to be gradually ramped up to 40,000 barrels a day,” the official explained.
Asked about the gas production in the KG basin, the official said that most of the installations and pipeline work of 1,400 km from Kakinada to Bharuch had been completed barring small link-ups. The undersea equipment has been procured. It is likely that by the fourth quarter of this year, the gas wells will be ready for production.
Our Mumbai Bureau adds:
Dhirubhai-I, the floating oil production unit chartered by Reliance, has been built by converting a large tanker in Singapore .According to information reaching here from Singapore, the floating unit left Jurong yard last Wednesday and is scheduled to arrive at the eastern coast of India by Friday.
The floating oil unit is on a 10-year charter from the Norwegian company Aker and the initial contract value was $750 million. Aker will also operate and maintain the FPSO under a separate five-year contract.
Once the FPSO is anchored and connected to the oil wells, which is expected to take at least two weeks, oil production from a developed field can commence within a month, said an oil industry expert.Unlike normal tankers, which need dry-docking at least every two years, the FPSO is designed to operate for 10 years without dry-docking.
Dhirubhai-I can process 60,000 barrels of oil and 15 million cu m of gas a day and can store 1.3 million barrels of oil.The 8.86 lakh dwt tanker –S.T.Polar – was originally built in the US. The refitting at the Singapore yard is expected to extend the 25-year-old vessel’s life by 15 years.
Other top news
Two India-origin persons among Forbes top-paid young CEOs list
India's sugar exports soars to 43 LT till first week of Aug
Inflation a concern; growth should not be compromised: PM
Nepal:Reliance close to Highway deal
Insurance to touch Rs 20 bn by 2010
Insurers relax as IRDA defers MTM
Govt may allow duty free steel export
Bonanza for babus
SBI, ICICI Bank in race for rural salary accounts
Hindalco to sweeten rights with 3:7 offer
SCI to buy vessels for up to $3 bn
Tata Steel’s Vietnam deal - a good mining
Satyam rating in Gartner list
L&T consortium bags Rs 3,800-cr orders
Reliance Infratel scraps Rs6,000cr IPO
Source: ET,BL,UTVi,BS.
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15 August 2008
Sensex emerges as the best of the world indices
Sensex emerges as the best of the world indices
After suffering the ignominy of languishing among the worst-performing markets for the past few months, matters have slightly improved for India. Outlook on equities continues to remains dismal —barring the occasional surge — but Indian equities have shown better resilience than what most market watchers had expected it to. After a fall in more than a third of its value in the six months of CY2008, the Sensex has rebounded remarkably to become the best-performing index amongst major indices in the last month. Easing of crude prices has provided some relief to the bulls who have been battling a flood of negative newsflow for the past few months. The price of crude has fallen by 20% from its peak of close to $150 a barrel. This has reduced the inflationary pressures to some extent, though experts feel it is too early to celebrate.
Indian shares, one of the worst performers in the first six months of the year, is gradually regaining some of its lost ground. A return to a degree of political stability after the trust vote as well as the strengthening rupee made Sensex the outperformer in the list of major global indices. The BSE Sensex recorded a rise of 18% in the period since July 15 — the day when all global markets were at their latest bottom. Capital goods, banks and realty — the sectors most impacted in the crash propelled the resurgence. Those sectors possess a high beta — indicating a greater correlation to the benchmark index, which entails that these sectors outperform the index in good times.
Slowing crude oil prices have not yet impacted consumer inflation figures, as the US inflation rose at the fastest rate in 17 years on account of energy and food prices. Despite the pessimism, a renewed confidence in the dollar brought cheer to US markets with the Nasdaq and Dow Jones posting positive returns. The exchanges registered returns of 12% and 6%, respectively, with investors anticipating inflation to cool off as reduced oil prices find their way to the inflation index. Whilst a correction in commodity prices brought about a relief to the Indian and American markets, economies dependent on commodities crashed further. The Brazilian Stock Exchange declined as investors grew sceptical on the commodity-driven economy. Commodities account for the entire export revenue growth, allowing for increased imports without worsening the trade balance. BOVESPA, the Brazilian benchmark index, declined by a further 12% in the period since July 17 as investors developed cold feet on the largest Latin American economy.
Lower inflation figures notwithstanding as well as the euphoria over the Olympics, the Shanghai Stock Exchange recorded a further fall of 8% in the past month. Market forecasts that the high producer price inflation figures reflect consumer prices to rise in the coming months in the world’s thirdlargest economy. Other Asian markets like the Nikkei in Japan and Hangseng in Hong Kong remained stable, registering marginal increases. European markets have gained in the past month despite fears of a recession in the UK. The FTSE 100, the London Stock Exchange, surged 8% despite deterioration in economic outlook for the nation. Similarly, despite a contraction in its economy in the last quarter, German markets remained largely positive on the future. The DAX grew 6% on optimism that cooling crude and a weakening euro will boost Europe’s largest economy in the coming months.
Other Stock reports from various sources:
FIIs sell shares worth Rs 1,195 cr this week
Hindalco fixes rights issue price at Rs 96 per share
Religare assigns 'buy' to Sarda Energy & Minerals; target Rs 404
Emkay put 'buy' on Elder Pharma; target of Rs 535
Indirect tax collection up 13.5% in July
FIIs net sell Rs 574cr, DIIs net buy Rs 23cr
Public sector firms must wait till Dec
Sun clears US regulatory hurdle for Taro
Govt allows pvt PFs to invest 15% funds in stock markets
Market runs out of steam after rallying for 5 week...
Time Technoplast /Dividend Stocks
Corporation Bank /United Breweries
IIP Numbers, Panacea Biotec
Bharati Shipyard /Solar Explosives
India Strategy / Value Scanner
Source:ET,deadpresident blog.
After suffering the ignominy of languishing among the worst-performing markets for the past few months, matters have slightly improved for India. Outlook on equities continues to remains dismal —barring the occasional surge — but Indian equities have shown better resilience than what most market watchers had expected it to. After a fall in more than a third of its value in the six months of CY2008, the Sensex has rebounded remarkably to become the best-performing index amongst major indices in the last month. Easing of crude prices has provided some relief to the bulls who have been battling a flood of negative newsflow for the past few months. The price of crude has fallen by 20% from its peak of close to $150 a barrel. This has reduced the inflationary pressures to some extent, though experts feel it is too early to celebrate.
Indian shares, one of the worst performers in the first six months of the year, is gradually regaining some of its lost ground. A return to a degree of political stability after the trust vote as well as the strengthening rupee made Sensex the outperformer in the list of major global indices. The BSE Sensex recorded a rise of 18% in the period since July 15 — the day when all global markets were at their latest bottom. Capital goods, banks and realty — the sectors most impacted in the crash propelled the resurgence. Those sectors possess a high beta — indicating a greater correlation to the benchmark index, which entails that these sectors outperform the index in good times.
Slowing crude oil prices have not yet impacted consumer inflation figures, as the US inflation rose at the fastest rate in 17 years on account of energy and food prices. Despite the pessimism, a renewed confidence in the dollar brought cheer to US markets with the Nasdaq and Dow Jones posting positive returns. The exchanges registered returns of 12% and 6%, respectively, with investors anticipating inflation to cool off as reduced oil prices find their way to the inflation index. Whilst a correction in commodity prices brought about a relief to the Indian and American markets, economies dependent on commodities crashed further. The Brazilian Stock Exchange declined as investors grew sceptical on the commodity-driven economy. Commodities account for the entire export revenue growth, allowing for increased imports without worsening the trade balance. BOVESPA, the Brazilian benchmark index, declined by a further 12% in the period since July 17 as investors developed cold feet on the largest Latin American economy.
Lower inflation figures notwithstanding as well as the euphoria over the Olympics, the Shanghai Stock Exchange recorded a further fall of 8% in the past month. Market forecasts that the high producer price inflation figures reflect consumer prices to rise in the coming months in the world’s thirdlargest economy. Other Asian markets like the Nikkei in Japan and Hangseng in Hong Kong remained stable, registering marginal increases. European markets have gained in the past month despite fears of a recession in the UK. The FTSE 100, the London Stock Exchange, surged 8% despite deterioration in economic outlook for the nation. Similarly, despite a contraction in its economy in the last quarter, German markets remained largely positive on the future. The DAX grew 6% on optimism that cooling crude and a weakening euro will boost Europe’s largest economy in the coming months.
Other Stock reports from various sources:
FIIs sell shares worth Rs 1,195 cr this week
Hindalco fixes rights issue price at Rs 96 per share
Religare assigns 'buy' to Sarda Energy & Minerals; target Rs 404
Emkay put 'buy' on Elder Pharma; target of Rs 535
Indirect tax collection up 13.5% in July
FIIs net sell Rs 574cr, DIIs net buy Rs 23cr
Public sector firms must wait till Dec
Sun clears US regulatory hurdle for Taro
Govt allows pvt PFs to invest 15% funds in stock markets
Market runs out of steam after rallying for 5 week...
Time Technoplast /Dividend Stocks
Corporation Bank /United Breweries
IIP Numbers, Panacea Biotec
Bharati Shipyard /Solar Explosives
India Strategy / Value Scanner
Source:ET,deadpresident blog.
Dow's 30 titans
The 30 titans in Dow Jones' India index
August 14, 2008
Dow Jones has announced a new blue-chip index for India to track stocks that they feel are the largest and most liquid stocks traded in the country. It will be licensed, says News Corp boss Rupert Murdoch (News Corp now owns Dow Jones), to financial institutions as the basis for investment products, such as exchange-traded funds.
The index will be calculated both in terms of the dollar and the Indian rupee and will be reviewed every March.
The India Titans Index, as it has been christened, will track 30 companies. Topping the list -- and this should not come as a surprise to anyone -- is one of India's richest companies, Reliance Industries Limited.
According to the company website, one of every four investors in India is a Reliance shareholder. The company, which has more than 3 million share holders, has reported and annual turnover of $35.9 billion and a profit of $4.85 billion for the year ending March 2008.
Reliance's core competency is the oil business, but it has successfully diversified into many businesses including petroleum products, petrochemicals, textiles, plastics and the retail industry.
Reliance has been listed in Fortune's Global 500 list for the fourth year in a row; it has improved its ranking from 269 last year to 206 this year.
The company, which was launched by Dhirubai Ambani in 1966 and is now led by Chairman and CEO Mukesh Ambani, was also listed among the Top 200 companies in terms of profit and among the top 50 companies when it came to increase in revenue. It has been ranked among the 25 fastest climbers by Fortune and as one of the world's 25 most innovative companies by Business Week.
For full article:Dow's 30 titans
SOurce: Rediff
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