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In Brief
Reliance first to strike gas
Reliance Industries Ltd can add one more feather to its cap. It became the first Indian private sector company to have struck gas at its deep-water exploration block. The well, KG DWN 98/3, located off Visakhapatnam on the country's eastern coast, was drilled by Transocean Inc.'s drill ship, Discoverer 534. Reliance holds 90 per cent share in the block which is among the 12 acquired under the NELP-II. The balance10 per cent is held by Niko Resources of Canada. The extent of recoverable gas reserves discovered at the site is still being determined.
ONGC to expand presence in Sudan
ONGC proposes to expand its interests in the Greater Nile Oil Project in Sudan by acquiring 25 per cent stake from Talisman Energy for $750 million. The acquisition would be made jointly with IOC. ONGC Chairman Subir Raha has plans to invest in oil producing fields in 11 countries from Latin America to South-East Asia.
ONGC interested in Uganda
The Indian High Commission in Uganda has submitted an oil exploration proposal on behalf of ONGC to the Energy and Mineral Development Minister of Uganda.
The proposal showing initial early interest in the country seeks opportunities for investment in oil exploration and rural electrification programme by the oil PSU and other Indian firms. There are five identified oil blocks in western Uganda of which agreements have been signed for two, leaving three available for investment.
(16/6/02)
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