Home / Knowledge / News / Textiles / Govt takes prudent vantage of increasing oil prices
Govt takes prudent vantage of increasing oil prices
14
Jan '08
While addressing the delegates at New Exploration Licensing Policy-VII (NELP) road show recently, Mr M S Srinivasan, Union Secretary for Petroleum and Natural Gas, stated that crude oil prices could touch US $150 per barrel.

Keeping the lucrative prospect in mind the Indian Government is emphasizing on expanding oil exploration and production. Initially in the first round of NELP, only 11 percent of the sedimentary basins were explored for oil and gas. However, in the ongoing second round, the percentage has increased to 44 and on the completion of 11th five year plan, the Government plans to further improve the figure to 85 perecent.

National and international oil companies are offered 57 oil and gas blocks under the present NELP, of which nine are in shallow waters, 19 in deep-sea and 29 on lands. Although, the Government is trying hard to propel big companies to venture for these blocks, bidding for these will be discontinued on April 11.

An added advantage this time is that the NELP-VII gives an opportunity to explore a range of blocks starting from very small onshore blocks to major deep-water blocks. In fact, Oil and Natural Gas Corporation (ONGC) has plans to bid for nearly 40 of the 57 blocks.


Must ReadView All

Apparel/Garments | On 25th Jun 2017

Half of 7,000 new apparel online each day target women

Adobe has released its first Digital Price Index for apparels,...

Textiles | On 25th Jun 2017

First Insight, Chico's FAS enter partnership

First Insight, a technology company transforming how retailers make...

Apparel/Garments | On 25th Jun 2017

Expand changing use of social and web resources

With over 400 million impressions to date and web traffic of over two ...

Interviews View All

Pinkesh Jain
Everflow Petrofils Ltd

‘An innovative technology which India needs desperately is the...

Prabu Mohanram
Balavigna Weaving Mills Pvt Ltd

The biggest challenge that the weaving industry faces is high price

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
June 2017

June 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search