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No beating about the bush.
A real-estate regulator is more important to the citizens than a stock market regulator
I had written a column (Moneylife 29 December 2011) about how real-estate contracts are so grotesquely one-sided that they would make the famed ‘Tower of Pisa’ look like a plumb line! Truth is: The average Indian home-buyer is completely at the mercy of builders. Given that real estate market is far...
The Comptroller and Auditor General of India has blasted ONGC for not being able to focus on its prime responsibility of exploration. ONGC, charges CAG, has the lowest drilling efficiency compared to its peers!
It has been reported in the press that state-owned exploration and refining major ONGC proposes to spend some Rs15,000 crore to drill 480 wells during the 2012-13 period, the highest number in the last 17 years. Out of this, nearly 100 wells have been drilled so far, according to its Director of Technology, UN Bose. However, no discovery has been reported, so far from these wells.
Although ONGC has not released details, it appears to have made a big discovery off the nation’s western coast. Whether this is part of the 415 wells drilled in 2011-12 is not known yet, and the target of 480 wells for this fiscal is likely to achieved without much difficulty, as both indigenous and imported (service providers) equipments are used. The 415 wells drilled in the last fiscal cost Rs13,000 crore.
ONGC has not yet identified its new Japanese partner in developing its block in the east coast. In the NELP VI (sixth round of the New Exploration Licensing Policy), ONGC has been awarded 11 deepwater blocks on the east coast. Despite the fact that ONGC has vast experience in exploration and production, the CAG report has emphasised that the company was not focussing on core exploration activities, while new entrants were more successful.
It may be noted that the ONGC’s east coast discovery is the deepest gas find made in the country so far, more details of which are awaited.
At the moment, what is most important is that ONGC's production comes from the ageing fields and Bombay High offshore only. Therefore, there is the urgent and imperative need to strengthen its exploration and research technology to venture into the unknown and discover the much-needed hydrocarbon resources for the country.
(AK Ramdas has worked with the Engineering Export Promotion Council of the ministry of commerce and was associated with various committees of the Council. His international career took him to places like Beirut, Kuwait and Dubai at a time when these were small trading outposts; and later to the US. He can be contacted at [email protected].)
Growth in the car segment will be impacted by the Manesar lockout at Maruti while sales in the two-wheeler segment is likely to remain weak, says Nomura