India Considers Pool for Oil, Gas Exploration

Wednesday, May 09, 2007
India has proposed forming a rig pool for state-run oil companies to avoid delays in oil and gas exploration. An adequate number of rigs could be considered for purchase and government-owned companies would pool in money for them. The Petroleum and Natural Gas Ministry worked out the proposal on the basis of recommendations of the parliamentary standing committee attached to the ministry. The ministry said the pool would serve the purpose of all state-owned companies and reduce the financial burden of individually owning the rigs. The standing committee report said that in view of the increasing cost of chartering offshore rigs, the oil companies can commonly charter rigs at cheaper rates on a long-term basis and share the rigs among themselves as per a pre-determined work program. India's gas major Oil and Natural Gas Corp. was able to drill only 88 wells against 138 exploratory wells in the current year, which triggered the ministry to explore the option of a common pool.

The ministry said oil companies have faced problems both in shallow and deep-water explorations due to a shortage of rigs. The Directorate General of Hydrocarbons has suggested that oil companies form four consortiums -- one on each coast -- to hire rigs and save money.

Maritime Reporter September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Drydocks World to Participate in SMM 2014

Drydocks World, the leading provider of maritime and offshore services to the shipping, oil, gas, and energy sectors, will participate in the prestigious 26th edition of Shipbuilding,

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Eye on the Navy

RIMPAC Exercise Puts LCS Through Paces

It was the middle of May, and the littoral combat ship Independence was operating out of San Diego, testing components of the mine warfare mission package. The mission is one that,

East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that

HMS Illustrious Decommissioned

HMS Illustrious – the last of the Royal Navy’s Invincible-class aircraft carriers – was decommissioned at Portsmouth Naval Base today, marking the end of her 32-year career.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0769 sec (13 req/sec)