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 June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Research Vessel Concept a first for Voith

The new fisheries research vessel of the Shanghai Ocean University will be a first for Voith in several respects.   It is the first fisheries research vessel

Ocean Safety’s New Liferaft Facility Opens

Ocean Safety, a specialist in the worldwide supply, distribution, service and hire of marine safety equipment, has opened a new liferaft hire division.   Ocean

ISS Inks Service Pact with Technip

Inchcape Shipping Services (ISS) and Techniphave signed a contract to provide marine agency services and logistics for the Rashid C project in the Middle East. Currently

Eye on the Navy

Buoys in Disputed Waters Roil South China Sea Dispute

Buoys stretched "as far as eye could see" - Philippine sailor. The Philippine navy recently found a large steel marker bearing Chinese inscriptions and hundreds

MTU Powers RSN Navy's Littoral Mission Vessel

MTU to power eight Republic of Singapore Navy’s new patrol vessels. Employees and guests, including senior representatives from the Republic of Singapore Navy (RSN) and Ministry of Defence,

ST Marine Launches First LMV for RSN

Singapore Technologies Marine Ltd (ST Marine), the marine arm of Singapore Technologies Engineering Ltd (ST Engineering), held the Launching ceremony for the first

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | 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: 0.0958 sec (10 req/sec)