Oilex Ltd planning new well at Cambay
Oilex Ltd plans to drill a vertical well at the Cambay Block in Gujarat state in India once it can get the finances. The well will target the Eocene siltstone (EP-IV or Y Zone) and is essential prior to drilling a horizontal extension for potential later fracking and exploitation of the Eocene siltstones. Detailed planning for this well is still being finalised and is subject to JV/Budget approvals. At end May, Oilex had cash A$6.3mln and was talking with joint venture partner Gujarat State Petroleum Corporation over money it is owed and the budget for the coming year. The junior is currently bearing all of the ongoing costs of the joint venture, though it recently settled its legal dispute with shareholder Zeta. Production from Cambay in May was 42 barrels per day and from Bhandut-3 the gas equivalent of 120 barrels per day. Jonathan Salomon, managing director, said: “Last week’s agreement with Zeta Resources Limited to end legal proceedings between the parties has provided Oilex with a clearer path forward and was a key priority for us. The revitalised management team can now gather momentum on the path to the potential development of Cambay that reflects what was learned from the previous wells. “We look forward now to resolving issues with GSPC and progressing work at Cambay”. Kole Calhoun Womens Jersey
Government strikes out 16 million bogus ration cards, to save Rs 100 billion
Government has eliminated 16 million duplicate and bogus ration cards that will help save about Rs 100 billion in subsidy bill annually, said Finance Secretary Ashok Lavasa. In addition, the government has saved Rs 148.72 billion by offering subsidy on cooking gas (LPG) directly to consumers and direct benefit transfer (DBT) is planned to be extended to 150 schemes by the end of this year, he told PTI here. DBT makes use of Aadhaar or the unique identification number to identify beneficiaries, under which benefits are transferred directly to their bank accounts, thus preventing diversion and misuse. This has resulted in removal of duplicate beneficiaries, which has led to significant savings across welfare schemes. “That (the total savings made from using DBT) estimate differs from scheme to scheme. We are yet to compile that. There are some indications about weeding out of bogus ration cards. So, more than 16 million ration cards have been weeded out,” said Lavasa, who also holds the charge of the Department of Expenditure. “And on this account alone, the estimation is about Rs 100 billion savings.” As on March 31, 2015, there were 110 million households with public distribution system (PDS) ration cards. Similarly, DBT on LPG, code named PAHAL, has helped weed out Rs 35 million duplications and bogus users, helping save Rs 149.82 billion in annual fuel subsidy. “Same is the response in MNREGA, about 10 per cent savings have been reported in 2015-16 because of elimination of bogus job cards,” he said. Citing an example, the secretary said Haryana has informed the Centre that it has wiped out 6,00,000 fake beneficiaries for kerosene. The government intends to extend DBT to other schemes for better targeting and stamping out bogus users, thus checking diversion to non-intended beneficiaries, he said. “The intention of the government is that by the end of this year, we have about 150 schemes which we want to cover under DBT. Till April this year, we have extended it to about 65-odd schemes. So, more than doubling,” he said. Nearly 310 million beneficiaries, Lavasa said, have been covered by DBT and more than Rs 19 million disbursed to them directly under various schemes like MNREGA and PAHAL. DBT for kerosene was to be rolled out next with a pilot project to be soon launched in 33 districts, he said, adding that a similar test run for food and fertiliser is in the offing in select districts this year. A national scholarship portal is being created that will integrate all scholarship schemes handled by different departments to make it more transparent and easy to administer. “The intended beneficiaries will have access to all the data through our portal. It avoids duplication of work,” he said, adding that pension payment would be integrated too. According to Lavasa, DBT is a way of rationalisation, systematising and computerising schemes. “Once you start systematising things, these are the unintended benefits and these benefits are there for everybody,” he added. David Krejci Jersey
India, second largest buyer of Iranian crude
Iran’s crude oil exports to India in March 2016 surges from 290 to 505 thousand barrels per day turning the South Asian country into Iran’s second largest oil customer. During sanction years, India purchased about 20 per cent of Iran’s oil exports equal to an average of 200 thousand barrels per day. Following the implementation of the Joint Comprehensive Plan of Action (JCPOA), India increased its oil imports from Iran as Indian refineries have made new oil purchase proposals. The surge in oil exports marks a significant achievement for the Iranian government in development of activities in regional markets after the removal of sanctions. In March 2016, India’s Essar Oil refinery ranked first in importing crude oil from Iran while Mangalore Refinery and Petrochemicals Limited (MRPL) stood in the second place. Also after a six-year hiatus, Reliance Petroleum Limited of India purchased a shipment of oil condensate produced at Iran’s Forouzan oilfield. On the basis of a report released by Iranian Ministry of Oil’s Office for OPEC affairs and relations with energy organizations, the average volume of India’s imports from Iran reached 4.35 million barrels per day in the first three months of the year 2016 indicating a 500-thosand increase as compared to same period a year earlier. Iran remains as the third supplier of India’s oil demands following Saudi Arabia and Iraq. The South Asian country’s imports from Iran reach a total of 505 thousand barrels in March revealing a 290-thousad growth as compared to February, 2016. Currently, Iran ranks third among oil exporters to India while at the beginning of 2016 the country only stood in the sixth place. Recently, Reuters touched upon Iran’s oil exports to India reporting “India’s crude oil imports from Iran have reached more than 500 thousand barrels per day marking the highest level in the past five years. Shea Theodore Jersey
Government trying to bring in startups for open bidding of small oil and gas fields
Petroleum Minister Dharmendra Pradhan said that in the open bidding of small and marginal oil and gas fields which will start next month, government is trying to bring in start-ups to join the process. Pradhan, who was in GUWAHATI on Saturday, told et that government is working on if the net worth clause for start-ups may be reworked and instead bank guarantee can be taken for the start-ups. ‘Already we have done away with experience clause for the Discovered small fields bid round.” The minister said that bidding will take place for 67 oilfields, out of which 12 are in Northeast India. In these fields there is resources worth Rs 700 billion. “We have simplified the bidding process so that start-ups with new technology can come in. It was start-ups will propelled the growth of Shale gas sector in US.” Pradhan added, “Local entrepreneurs can participate in a big way and make use of IIT Guwahati.” Guwahati roadshow was the second roadshow after Mumbai. The minister said, “By July 15 bidding will start and the whole process will be over by December this year.” According to the ministry Assam contributes 10 per cent of total crude oil and natural gas. Only 44 per cent of the resources has been tapped leaving an opportunity to establish and develop the remaining 56 per cent resource base. The roadshow in Guwahati was attended by 200 participants including participation of industry leaders from Jubilant, GeoEnpro, Nippon Power, Eagle offshore, Jaybee energy, SKG Global, ONGC, OIL and BPCL. The discovered small fields bid round offers 46 contract areas which are estimated to hold in place oil and oil equivalent volumes of 86 million metric tons. The minister said that bid round makes a shift from the earlier production sharing contract model to simpler and easier revenue sharing contract model. Peasant leader organisation Krishak Mukti Sangram Samiti opposed the FDI in oil sector. Protestors gathered outside a hotel where the roadshow was going on protesting against including 12 fields from Northeast India in the bidding. Chad Henne Jersey
Garment exporters find Brexit right moment to kick-start FTA talk
Indian garment exporters are seeing an opportunity in Britain’s decision to exit the European Union. Even as the record drop in the Pound Sterling will impact un-hedged export contracts with British garment importers, Indian exporters say there is scope to gain in the long-term if the Indian government initiates fresh dialogue with the British Government for a Free Trade Agreement. An FTA is a trade highway between nations, allowing faster market access for exporters, besides duty incentives for businesses on both sides. India has been pushing for an FTA with the European Union for some time now. With Britain being a key a target destination, and with its exit from the 28-member alliance, the doors are open wide for an FTA, believe exporters. A Sakthivel, President of Tirupur Exporters Association, said: “India has been facing a lot of issues in TRIPS, Pharmaceutical, Automobile, Visa and movement of professionals which are blocking the commencement of negotiations to have FTA with EU. We feel that when India starts negotiations with UK immediately for FTA, India could get the early bird advantage and increase our trade significantly.” The Trade Related Aspects of Intellectual Property Rights (TRIPS) has been a prickly issue impeding the FTA with EU. India’s commitment to widening supply of generic drug medicines clashed with data exclusivity protection measures for drug firms to sell their products with exclusivity. Speaking to ET on the phone, Sakthivel said the immediate impact of Brexit was evident in the pound’s tumble to its 30-year-low. However, he is cautiously optimistic of business prospects going forward as Britain goes about the process of exiting the union. Sakthivel noted that The United Kingdom contributed to 10.62% of overall exports into the EU of Rs 1,11,178 crore, making The UK occupies the number one position among EU countries in garment exports. Nick Kwiatkoski Authentic Jersey
India well prepared to deal with short and medium term consequences of Brexit: FM Arun Jaitley
India is well prepared to deal with the short and medium term consequences of Brexit, finance minister Arun Jaitley has said highlighting the country’s strong fundamentals. “Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position,” FM said in a statement. Jaitley is on a five-day visit to China. He committed to continuing on this path. “We are strongly committed to our macro-economic framework with its focus on maintaining stability.” FM said India is an attractive investment destination because of its high growth and stability, seeking to allay concerns that investment flows could be hit. “As investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth,” FM said in the statement released by the finance ministry. “India, as you are all well aware, is amongst the fastest growing major economies in the world today. Our growth and inflation prospects are further improving in the wake of the good monsoons that are now moving well across India.” FM admitted that the event will lead to volatility in financial markets. “This verdict will, obviously, further contribute to such volatility not least because its full implications for the UK, Europe and the rest of the world are still uncertain. All countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, the referendum’s medium term impacts,” he said. Landon Collins Authentic Jersey
Ministry of HUPA to promote regional planning to meet urban housing demand
Minister of State for Housing & Urban Poverty Alleviation and Urban Development Shri Babul Supriyo has said that the Government will promote regional planning by moving beyond city-centric planning for construction of houses in satellite townships, peri-urban and peripheral areas to meet the housing demand in urban areas. He inaugurated an international workshop on “Human Settlements-Planning and Design : A Shared Understanding” here today. Shri Supriyo said that the Government is committed to ensure housing for urban poor by 2022 and further observed that “the government while acknowledging problems in urban areas is striving to solve them in an integrated and goal centric manner”. The Minister stressed the need to assist the poor even in remote and far off places in planning , design and construction of safe and resilient houses. Shri Supriyo referred to various initiatives launched by the Government to address infrastructure bottlenecks and housing shortage in urban areas. Dr.Nandita Chatterjee, Secretary (HUPA) said that “ the Ministry is close to finalizing a pro-acive, practical and pragmatic Rental Housing Policy keeping in view that 27% of the housing demand is for such rental housing”. She emphasized on the need for effective planning and design so as to meet the housing needs of all sections of the people in the context of rising costs of land, labour and availability of materials. Dr. Chattejee noted that to move beyond city-centric planning for housing, construction of houses under Pradhan Mantri Awas Yojana (Urban) is being allowed in planning areas which go beyond city limits. She said that planning needs to be done in the context of rural – urban continuum and Shyama Prasad Mukherjee Rurban Mission is a step in this regard. Ministry of HUPA has organized the workshop for sharing of ideas and experiences in respect of housing among the Asia-Pacific countries. Representatives from 9 countries viz., Japan, South Korea, Myanmar, Sri Lanka, Afghanistan, Iran, Iraq and Fiji have attended the workshop. Alcides Escobar Authentic Jersey
SpiceJet to dry lease 11 Boeing NG aircraft in next three months
As part of its expansion plan, low cost carrier SpiceJet has planned to dry lease 11 Boeing Next Generation aircraft in the next three months. A senior SpiceJet official told Bloomberg TV India that the 11 new aircraft include both Boeing 737-8 and 737-9. Earlier, the company’s Chairman and Managing Director Ajay Singh had announced that the company is in talks with aircraft manufacturers to purchase aircrafts. The SpiceJet official added that the carrier will start restoring flights that had to be withdrawn due to non-availability of aircraft. At present, the airline has 25 B737-9 and B737-8 aircrafts in service. In addition, 14 Q-400 Bombardier aircraft are serving in tier-II and tier-III cities. Jay Novacek Authentic Jersey
Banks still not confident about PPP projects: Gammon Infra MD
Prime Minister Narendra Modi has finalised infrastructure targets for road and rail sector for FY17. The government has sought to encourage private participation by August 2016 and also wants the Road Ministry to develop a contractor-rating system to incentivise early completion of projects. Bloomberg TV India discusses its impact with KK Mohanty, MD, Gammon Infrastructure. We heard about 30 per cent contracts are being awarded through NHAI under the hybrid annuity model. How do the prospects of the hybrid annuity model compare with the erstwhile model? The whole business position in this PPP sector runs with the basic philosophy: higher the risk, higher the returns. The hybrid annuity model has drastically reduced the risk by primarily giving 40 per cent at the initial construction stage and taking away the toll collection risk. That takes away the offside on the investment too. So you are likely to get only a marginal return on your investment when you borrow from a bank and complete the annuity project. So from a business proposition or investment angle, it reduces the risk and it also takes away the offside of the investment. But I would like to make another point. Even if out of ?3 lakh crore, 30 per cent as stated by the government has to be through the PPP model; at least a ?50,000-crore credit facility from public sector banks will be necessary to take forward the project. The present situation is that the doors of the banks are almost closed against PPP or road projects. So we need to address that issue. How do you address the concern of the banks and bring back their confidence? In the initial half, for a dozen projects that have been bid, frontline players have stayed away and and new-generation players have come forward to take annuity projects. These may not have a very large balance-sheet. So that brings in another area of risk. Because in a country like ours, you cannot be always in a learning curve and the new player comes in and just keeps on learning, and new challenges come along the way. There are certain major roadblocks which need to be addressed. What about project divestments for completed projects? You have also undertaken a few of those and been a beneficiary of the same. How much of an enabler do you think it has been for the industry? We have monetised six of our operational projects in a very difficult time. That is a one-of-a-kind deal in the infrastructure segment in the country. We got some valuable additional cash flows and resources that have improved our balance sheet, and we are slightly a cash-surplus company today. It might be easier for us to rebuild the business again from this level, because our balance-sheets are not stretched today. Going ahead, we need to see that all asset monetisation cannot happen in such a depressed market or when we are practically operating in a buyer’s market than a seller’s market. The market has to be more balanced where both the buyer and the seller have a choice. It is just not getting into a seller’s market where there is only one or two buyers and you have to sell the projects at an unattractive evaluation. That puts the investors at a disadvantage and sometimes shatters the confidence of new investors. George Fant Jersey
Union govt to give Rs. 97,000 crore for state highways
The NDA government has decided to spend Rs. 97,000 crore over the next three years on the state’s national highways, which includes adding new ones. The state government plans to increase the length of national highways passing through the state to 19,000 km from the existing 7,500 km, PWD Minister Chandrakant Patil said on Thursday. Tenders for all road contracts will be issued by December 2016 and the first instalment of Rs. 10,000 crore will be disbursed by March 2017, sources in the state Public Works Department (PWD) said, adding the rest of the amount will be sanctioned in two instalments. The decision was taken in a meeting held on Thursday that was attended by Mr. Patil and officials from the state and the central governments. The official announcement is likely to be made on Monday. Of the total funds to be allocated for the state, around Rs. 50,000 crore will be spent on building new highways and the rest will be for repairing existing ones, which includes upgrading state highways to national highways. “The centre is keen on improving road conditions in the state, which will lead to better connectivity between cities. The government’s focus is on adding more highways in the state, and money required for the projects will be provided by the Centre,” a PWD official said. At present, over 15 new national highway projects are under construction, for which around Rs. 7,000 crore have already been allocated. These projects include the second phase of the Pune-Solapur highway, six lanes of the Pune-Satara highway, the one connecting Solapur to the Karnataka border, four lanes of the Solapur-Yedshi highway and the Panvel-Indapur stretch on the Goa highway, six lanes of the Pimpalgaon-Nasik-Gode highway, four lanes of the Khed-Sinnar and Yedshi-Aurangabad highways, the Nagpur-Kondoli and Nagpur-Betul highways among others. The government has also decided to change the contractor for the Panvel-Indapur stretch on the Goa highway. According to sources, the Centre has agreed to extend Rs. 700 crore to the new contractor and the road will have toll booth. The pending road construction between Pune-Satara will now be given priority as PWD minister himself has decided to visit areas which are facing problems. “The minister, along with the district collector and police authorities, will be visiting local people to sort out their problems. The work has been pending for years and needs to be completed soon as per the directions from the centre,” the official said. Last year, around 11 projects were declared as national highways including the ones connecting Vadkhal to Alibaug, Duggipar to Gondia, Shewali to Gujarat border, Muramgava to Karanji, Sarad to Pimpalgaon, Malkapur to Aurangabad, Savner to Gaundkhairi, Nagpur to Armori, Sakoli to Sironcha, Umred to Warora and Butibori to Wardha. At present, over 15 new national highway projects are under construction Cameron Artis-Payne Womens Jersey