RIL makes fifth oil discovery in Cambay basin

The discovery, named ‘Dhirubhai-48’, the fifth oil discovery in the block so far, has been notified to the government of India and to the Directorate General of Hydrocarbons

Reliance Industries Limited (RIL) today announced its fifth oil discovery in exploration block CB-ONN-2003/1 (CB 10 A&B) located in the Cambay basin, at a distance of around 130 km from Ahmedabad in Gujarat. The block was awarded under the fifth round of the New Exploration Licensing Policy (NELP-V).

The private sector exploration major drilled the well CB10A-J1 to a total depth of 1,957 metres in Part A of the block, with the objective of exploring the play fairway in the Miocene Basal Sand (MBS) of Babaguru formation and Eocence Pays of Kalol formation. Hydrocarbon bearing zone was discovered at a depth of 1,376-1,385.5 metres in the Miocene Basal Sand (MBS) of Babaguru formation. Conventional production testing was carried out in the interval of 1,376-1,381.5 metres. The well flowed at a rate of 255 barrels of oil per day (bopd), through a 6-mm bean with a flowing tube head pressure of 180 psi.

The discovery is significant as this play fairway is expected to open more oil pool areas, leading to better hydrocarbon potential within the block.  The block covers an area of 635 sq km in two parts — Part A & Part B. RIL, as the operator of the block, holds 100% participating interest (PI) in the block. Of the 15 exploratory wells drilled in the block by RIL so far, 11 are located in Part-A and the remaining four in the Part B of the block. RIL is continuing further exploratory drilling efforts in the block.

This discovery, named ‘Dhirubhai-48’, the fifth oil discovery in the block so far, has been notified to the government of India and to the director general of the Directorate General of Hydrocarbons (DGH). The potential commercial interest of the discovery is being ascertained through more data-gathering and analysis.

This discovery supplements RIL’s understanding of the petroleum system in the Cambay basin in general and the block in particular. Based on interpretation of the acquired 3D seismic campaign in the contract area, RIL has identified several more prospects at different stratigraphic levels with upside potential.

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SC gives go-ahead to divestment in UP sugar mills

The Court's direction in response to a petition that challenged the bidding process for the sale of 11 sugar units in the state

The Supreme Court today gave the go-ahead to disinvestment in 11 sugar mills owned by the Uttar Pradesh (UP) government, but subjected the outcome to its final judgement, reports PTI.

A bench comprising Justice G S Singhvi and Justice C K Prasad said that the UP government can go ahead with the bidding process as per schedule on 3rd June but the "outcome would be subject to final adjudication. Any action taken by the respondent (UP government) shall be subject to the final outcome of the petition."

The court's direction came over a petition filed by one Rajiv Kumar Mishra, who challenged the bidding process for the sale of 11 operational sugar units in the state.

The UP government, in 2007, embarked on a drive to privatise sugar mills, but with not many takers for its loss-making units decided to sell the 11 operational units first.

However, the decision to privatise operational units has since run into a legal tangle, stalling the disinvestment process.

Earlier, the Allahabad High Court had also given a go- ahead of the proposed disinvestment by the state government but had specifically said that the mills should not be closed down and the pattern of land usage and employment should not be altered.

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Food inflation eases to 16.23%

The overall inflation for April stood at 9.59%, moderating slightly from 9.90% in March, according to provisional figures.

India’s food inflation eased to 16.23% for the week ended 15th May on account of a fall in prices of masur, fruits and vegetables, reports PTI.

Inflation declined by 0.26 percentage point from 16.49% in the previous week.

The fall was mainly owing to a 4% slide in masur prices, 2% fall in prices of fruits and vegetable each, and 0.20 % decline in prices of cereals and pulses over the week.

Non-food articles also saw a decline in prices. Cotton seed prices fell 2% and raw rubber and mustard seed by 1% each.

However, the prices of tea rose by 9%, that of mutton by 5%, and urad and spices by 1% each.

The index for food articles declined marginally by 0.1% to 293.6 from 293.9 in the previous week.

The index for broader primary articles group with a weight of 22.02% in the overall wholesale price index (WPI) declined by 0.1% to 298.9 from 299.2 for the previous week.

The index for fuel, power, light and lubricants with a weight of 14.23% in the overall WPI increased slightly to 365.5.

The overall inflation for April stood at 9.59%, moderating slightly from 9.90% in March, according to provisional figures.

Meanwhile, the final figure for February showed inflation breaching the 10% mark.

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