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Cairn has said that it is on track to ramp up output from its Rajasthan fields to 125,000 barrels per day in the second half of 2010 from the current output of around 20,000 barrels per day
Cairn India Ltd on Tuesday said that oil reserves in its Thar Desert field in Rajasthan have increased to 4 billion barrels, reports PTI.
Previously, discovered resources were pegged at 3.7 billion barrels of oil and oil-equivalent gas, the company said in a press statement.
"Our resource base provides potential to produce 2,40,000 barrels per day (as against the previous estimate of 1,75,000 bpd)," it said.
Cairn said that it is on track to ramp up output from its Rajasthan fields to 1,25,000 bpd in the second half of 2010. Current output is around 20,000 bpd.
The company has tied up sale of 1,43,000 bpd (over 7 million tonnes a year) of oil. Cairn said that production potential from Mangala, the largest field in the block, has increased to 150,000 bpd from the previous 125,000 bpd.
SCI plans to start a new container liner route from India to Africa, in addition to the European route which the company proposes to run through a JV with Mediterranean Shipping Co
State-owned Shipping Corporation of India (SCI) plans to start a new container liner route from India to Africa in addition to the European route which the company proposes to run through a joint venture (JV) with Mediterranean Shipping Company (MSC), a senior company official said.
"We are evaluating various options to start an India-Africa liner route. We also have plans to acquire three new container ships by this year-end," the SCI official told PTI in Mumbai.
SCI has earmarked $200 million-$225 million to fund these three vessel-purchases and plans to float a tender for the same in the next few days.
The entity plans to purchase the three new container vessels along with its existing JV partner MSC. These will be executed after securing Board approval, the official said.
In May 2009, SCI had entered into an agreement with MSC to run its European service.
Presently, SCI has a total fleet strength of 76, which includes five container vessels.
"We have seen a significant pick up in volumes in the recent past, on account of the recovery in domestic and global markets. Volumes are expected to pick up further in the months ahead," the official said.
"In the long term, there is a huge potential in this business. The recovery in freight rates is most notable on the Asia-Europe routes with all container routes showing signs of improvement," the SCI official said.
Vessel prices have also declined in recent months, a factor which is favourable to SCI while making its vessel purchases, the official said. He, however, did not divulge further financial details.
SCI also operates feeder cargo vessels along India's west coast, besides operating cargo vessels in the coastal regions of the country.
Tata's Rs21,000-crore steel plant project in Orissa, already delayed by four years due to stiff resistance from locals over the issues of displacement and rehabilitation, is likely start construction work next month
The Ratan Tata-led Tata Steel Ltd's Rs21,000-crore steel plant project in Orissa, already delayed by four years due to stiff resistance from locals over the issues of displacement and rehabilitation, is likely start construction work next month, a senior company official said.
Tata Steel has plans to build a six million tonne steel plant at Kalinganagar Industrial Complex in Jajpur district of Orissa.
"We have received 80% of the required land from the state government and the balance will be received soon. We will start construction work next month," Tata Steel India's chief for corporate affairs and communications, Sanjay Chowdhary, told PTI over the phone.
"The company has already placed orders worth Rs6,373 crore for equipment and civil structures for the project. The first consignment of equipment, Steel Melting Shop (SMS) for the project, has reached Kalinganagar from Germany recently," Mr Chowdhary, said.
"More equipment will arrive in the next three to four days," he said. Over Rs500 crore of equipment will reach the site before the end of this fiscal, he added.
"At least 11 consignments of equipment and machinery worth Rs200 crore for the project have arrived in India," he said.
Tata Steel had signed a memorandum of understanding (MoU) with the Orissa government in November 2004 for setting up the integrated steel plant at Kalinganagar.
"We have already shifted around 807 out of the 1,195 families and we are in talks with the locals to rehabilitate the remaining families," he said.
The steel project ran into rough weather after 14 people were killed in police firing on 2 January 2006, while opposing the construction of the steel plant's boundary wall.