Reliance gas output dips below 39 mmcmd

The output comprised 31.58 mmcmd from the D1 and D3 gas fields and 6.85 mmcmd from the MA oilfield.

Reliance Industries has reported natural gas output from its eastern offshore KG-D6 fields dipping below 39 million cubic meters a day as it shut five wells because of high water ingress.

Natural gas production from the Dhirubhai-1 and 3 gas fields and the MA oilfield in Block KG-DWN-98/3, or KG-D6, in the Krishna-Godavari Basin of the Bay of Bengal was 38.43 mmcmd in the week ended December 25, according to a status report filed by the company with the Oil Ministry here. The output comprised 31.58 mmcmd from the D1 and D3 gas fields and 6.85 mmcmd from the MA oilfield. The KG-D6 production is lower than 61.5 mmscmd rate achieved in March, 2010, as a drop in pressure in the wells and increased water ingress has led to a lower per-well gas output.

The report said of the 18 wells drilled, completed and put on production in the D1 and D3 fields, five wells— A2, A10, B1, B2 and B13— were kept closed due to high water cut/sanding issues.

The output from KG-D6 is short of the 70.39 mmscmd-level (61.88 mmscmd from D1 and D3 and 8.5 mmscmd from the MA field) envisaged by now as per the field development plan approved in 2006. While RIL holds 60% interest in KG-D6, UK's BP Plc has 30% and Niko Resources of Canada the remaining 10%. RIL started natural gas production from the KG-D6 fields in April 1, 2009, with output of about 30 mmcmd. The MA oilfield, where one of the five oil wells had been shut due to water loading, produced about 12,623 barrels of crude oil per day in the week ending December 25. In addition, 1,672 barrels of condensate are produced from the field every day.

The report said 15.03 mmcmd of the gas output was sold to fertiliser plants and 20.18 mmcmd to power plants. The remaining 3.22 mmcmd was consumed by other sectors, including compressors and internal use of the East-West pipeline that transports gas from the East Coast to consumption centres in the West. RIL projected an output of 38.50 mmcmd of gas in January.

As per the status report, out of the 22 wells planned in in Phase-I of D1 and D3 field development, 18 wells have been drilled and completed so far. Of these, 13 wells were put on production, while five wells were kept closed due to high water cut and sanding issues. The field development plan envisages drilling of an additional 9 wells by March 2012.

In the late afternoon, Reliance Industries was trading at around Rs707.30 per share on the Bombay Stock Exchange, 1.15% up from the previous close.

User

Toyota to begin Etios, Liva production in Brazil from next year

“Motor sport is always considered to be niche in India. We want to change this production with this new Etios Motor Racing,” Toyota Kirloskar deputy managing director (marketing), Sandeep Singh said.

Japanese auto giant Toyota Motor Corporation will start production of its sedan Etios and hatchback Liva — the two models that were first launched in India — in Brazil from 2013.

“We are going to start the first production outside India from next year. It will be for the Latin American nation and the production base would be Brazil,” Toyota Motor Asia-Pacific President, Mr Hiroji Onishi, said at the 11th Auto Expo here.

He, however, did not share details such as production volume and the size of the investment for the project.

“Before going for production outside India, we will start exporting Etios and Liva to South Africa from March this year. We would like to go overseas for establishing the products,” Mr Onishi said.

The company today announced starting its first motor race in India in 2013.

“Motor sport is always considered to be niche in India. We want to change this production with this new Etios Motor Racing,” Toyota Kirloskar Deputy Managing Director (Marketing), Mr Sandeep Singh, said.

Before the final race, the company will conduct preliminary round for short-listing the drivers at 12 locations in 13 cities across the country

User

COMMENTS

Sayli

5 years ago

Etios is a combination of a car that has innovative styling, roomy interior, ride comfort, luxury features and safety devices are optimal.

Maruti Cervo India

5 years ago

Etios Liva will be Toyota’s foray into the highly popular premium hatchback segment. Stylishly designed for today’s youth, Etios Liva will be competitively priced and will offer functionality and value for money.

IndusInd Bank in tie-up with Malaysian Airlines

Under the tie-up, platinum and signature cardholders of IndusInd Bank can book themselves on Malaysia Airlines' business class for flights originating from the country and can get their companion to travel for free, the bank said.

Mid-sized private sector lender IndusInd Bank, which entered the credit cards business by acquiring the loss-making portfolio of German banking major Deutsche Bank mid last year, tied up with Malaysia Airlines to offer discounted tickets to its premium category cardholders. Under the tie-up, platinum and signature cardholders of Indusind can book themselves on Malaysia Airlines' business class for flights originating from the country and can get their companion to travel for free, the bank said. Malaysian national carrier general manager, Western India, Nur Shaffik Haris said the airline, which operates 40 weekly flights from the country, is targeting a 20 percent jump in business class bookings through the tie-up. Bank's credit cards business head Anil Ramchandran refused to divulge details of the customer base but said even newer customers can avail of the offer, which will be on till the end of the year.

IndusInd had last April announced that it would be entering the credit cards business by acquiring DB's vertical with two lakh customers. Ramachandran said the credit card business is doing well and the bank will adopt a cautious approach on the vertical going forward. "Quality (of the portfolio) is the key, not the quantity," he said, adding the bank is also working on some more new product offerings on the premium segment.

In the late afternoon, IndusInd Bank was trading at around Rs241.50 per share on the Bombay Stock Exchange, 2.19% down from the previous close.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)