Reliance Industries may shut KG Block’s MA Field Posted on 28th February 2018 |
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| NEW DELHI: Reliance Industries will likely stop producing from its MA field in the KGD6 block by October following continuous decline in output for years, according to multiple people familiar with the matter. MA is one of the three fields currently producing in RIL-BP's KG block and the only one that produces both oil and gas. D1 and D2 are the other two fields producing only gas. MA will be the first of the three fields to be shut that initially generated big expectations but began disappointing within years of starting production, creating several controversies and legal disputes on the way. Reliance, the operator of the KGD6 block, has presented the possibility of shutting the MA field by October 2018 in the annual work programme submitted to the government recently, people familiar with the matter said. The lease of floating production storage and offloading (FPSO) unit, which processes output from the MA field, is coming to an end by October, they said. Reliance didn’t respond to ET’s emailed query. Reliance owns 60% in the KG block while BP owns 30% and Niko the balance 10%. The MA field began producing in September 2008 while the D1, D3 fields went onstream in April 2009. The average production from the KG block has fallen to 4.9 million metric standard cubic meters a day (mmscmd) during October-December of 2017 from a peak of 69.43 mmscmd in March 2010. The peak production included 66.35 mmscmd from D1and D3 and 3.07 mmscmd from MA. The gas output from MA field peaked in January 2012 to 6.78 mmscmd. The MA field produced 2,042 barrels per day of crude oil and condensate during October-December of 2017. About 70% of the gas reserves from D1, D3 and MA fields have been recovered so far, people familiar with the matter said. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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