The new appointee will be part of the core leadership team at the insurance company and will be responsible for the development and implementation of strategies
Aviva Life Insurance, a joint venture between the Dabur Group and Aviva Group, has said that it has appointed Sandip Mallik as director for human resources (HR). Earlier, Mr Mallik was heading the HR function at Emerson India.
Mr Mallik will now be part of the core leadership team and will be responsible for the development and implementation of strategies, policies and practices that will reflect Aviva India’s HR objectives, the insurance company said in a release.
A report says that gold demand from investors worried about inflation and currencies should continue in 2010 and 2011 to make up for the steep fall in jewellery demand and scrap sales
Gold prices may rise above $1,300 per troy ounce by 2011 on record demand from investors worried about inflation, currencies and sovereign debt, a survey by UK-based consultancy GFMS has said, reports PTI.
Gold prices are averaging $1,113 this year, up from $972 in 2009, and are forecast to touch $1,150 in long term, the report said.
The demand sparked by investors worried about inflation and currencies should continue in 2010 and 2011 to make up for the steep fall in jewellery demand and scrap sales, says the report.
But a sharp correction is in store further ahead when inflation fails to run away and the US dollar escapes a dollar-crisis as some predict, it said.
GFMS chairman Philip Klapwijk said in an interview that he expects “the current strength in gold prices to moderate,” noting that (investment) demand will begin to wane as real interest rates rise and the safe haven properties of gold become less relevant under a more stable economic environment.
“We are entering the final stages of a bull market. But that doesn’t rule out the potential for some fairly fancy price gains before it reaches a peak in prices. We are actually pretty bullish over at least the next 6-12 months. By the end of this year, we believe prices will be near the $1,300 mark,” Mr Klapwijk said.
However, he said that the current trend in gold demand is not a reflection of a healthy underlying market as the demand for jewellery, the traditional mainstay of the gold market, has reduced to just 43%.
Jewellery demand was off by 25% (at 1,111 metric tonnes) over the past year, according to the GFMS survey.
Such demand is normally the mainstay of the gold market as it usually represents nearly 70% of total global gold demand.
Gold investment in 2009 surpassed jewellery buying for the first time since 1980.
That's why Mr Klapwijk suggests, “The rise of gold prices is not sustainable because record investment buying at some point will fall off.”
While jewellery demand has begun to recover from last year’s “exceptionally low levels,” the report suggests that prices will have to fall sharply to bring traditional gold buyers back to the market.
Statoil and Petrobras, specialists in deep-sea production technologies, decided to quit block KG-DWN-98/2 due to government delays in approving their participation in the deepwater acreage
Oil and Natural Gas Corp (ONGC) is in talks with majors like ExxonMobil to replace Norway’s Statoil and Petrobras of Brazil who have decided to quit its KG basin gas block, reports PTI.
“We are talking to a lot of people,” ONGC chairman and managing director RS Sharma said.
Mr Sharma refused to divulge more details.
“We are looking at firms for technology (to produce gas from ultra-deep sea basins) and risk sharing,” ONGC director (finance) Dinesh K Sarraf said.
The two specialists in deep-sea production technologies decided to quit block KG-DWN-98/2 due to government delays in approving their participation in the deepwater acreage.
Petroleo Brasileiro SA or Petrobras, Brazil's State-controlled oil firm, has offered ONGC its 15% interest in the Krishna Godavari basin block that sits next to Reliance Industries’ prolific KG-D6 fields, without any cost.
Similarly, Statoil has decided against participating in future drilling in the acreage off the Andhra coast.
This follows apparent unwillingness of the petroleum ministry and its technical wing DGH to accord approvals for equity participation by foreign companies and the inordinate delays in clearing the drilling programmes.
ONGC now wants another foreign partner to share risks in developing the acreage, which is estimated to have an in-place gas reserve of 14 trillion cubic feet.
The State-owned firm does not have the production technology to produce gas from such water depth in the geologically hostile KG basin.
ONGC, a few years back, had bought 90% stake in the block from Cairn India. In 2007, it farmed out 15% interest in the block to Petrobras and 10% to Norsk Hydro (now StatoilHydro).
Cairn India currently has 10% stake in the block while ONGC has 65% interest.
The block now has 10 discoveries and appraisal drilling is now required to be carried out to assess the potential before finalising development of gas fields.
Mr Sharma said that gas production from the KG block will begin in 2015-16, instead of 2013 as anticipated earlier.
Peak output from the field is seen at 20-25 million standard cubic metres per day, he said.
Mr Sharma had previously written to the oil secretary saying “red-tapism” was making international oil majors apprehensive about sharing exploration risks in acreages where they pick up stake. “Although the farm out agreements with Petrobras and Statoil were signed in August-September, 2007, the Joint Operating Agreement (JOA) could not be signed with both these companies, initially, due to nine months taken in obtaining approval on assignment of participating interest, and then one year in signing amendment to the Production Sharing Contract (PSC) from various parties, including (the) government,” he wrote.
Mr Sharma also pointed out to delays in other blocks. In case of deepwater block CY-DWN-2001/1 in the Kaveri basin, amendment to the PSC duly signed by ONGC, Oil India and Petrobras was submitted for signing by the government in January 2009. “The same is yet to be signed by the government,” he said.
Mr Sharma said that Petrobras quit the block because of “uncertainties about gas pricing and tax holiday (agreement).”