Indian Essar to join ONGC in Vietnam in oil drilling

[Dr. Sen]

Essar Oil’s jetty for crude intake and product evacuation

Essar Energy is reportedly planning to start exploration drilling at its blocks in India and Vietnam in September-October this year.

According to India’s business newspaper The Economic Times, the company is hoping to uncover new reserves in order to boost its crude oil production.

The Economic Times quotes Manish Maheshwari, CEO of Exploration and Production at Essar Energy’s oil and gas unit Essar Oil, as saying: “We would be drilling a couple of exploration wells in Mumbai offshore and Vietnam in the fair weather window later this year. Depending on the results of the initial drilling, we will decide how many wells we want to drill.”

According to Essar’s data, the company has 50% interest in one shallow water offshore exploration block MB-OSN-2005/3, near the Mumbai High field in the Mumbai offshore basin, offshore eastern India. India’s Oil and Natural Gas Corp. (ONGC) owns the remaining interest in the block.

“The E&P sector has not seen any activity in India since 2010. We have assets at different stages and have prioritised certain assets. Now the focus is to ramp up production and convert these assets into mature producing properties,” Maheshwari was quoted as saying.

Essar plans to drill off India, Vietnam | Offshore Energy Today

What is Essar?

Essar Group is an Indian multinational conglomerate with investments in the sectors of steel, energy (oil & gas and power), infrastructure (ports, projects & concessions) and services (shipping, telecom, realty and outsourcing and technology solutions). With operations in more than 25 countries across five continents, Essar employs over 73,000 people and has revenues of $39 billion.

 

[Dr. Sen]

Also note: ONGC to invest ₹11 trillion in Vietnam for oil drilling. That is roughly the same size as that of the Vietnam economy.

 

[Kyusuibu Honbu]

Also note: ONGC to invest ₹11 trillion in Vietnam for oil drilling. That is roughly the same size as that of the Vietnam economy.

Unbelievable

 

[PatriotLover]

I beleive that Pakistan should also counter India by investing in Sri Lanka and Bangladesh and make ports there and deploy military assets there. Like that we can surround India. Why should we only let China do that? We can also assist them

 

[The Great One]

I beleive that Pakistan should also counter India by investing in Sri Lanka and Bangladesh and make ports there and deploy military assets there. Like that we can surround India.

To invest, one need to have the means to invest viz. foreign exchange. A beggar country whose survival depends on IMF loans cannot invest in anything, anywhere.

 

[Dr. Sen]

Unbelievable

Its a 15 year project. And in the crude sector there is huge capital, as profits are also huge.

More links: ONGC breaks with Big Oil to invest $176 billion to increase reserves

To invest, one need to have the means to invest viz. foreign exchange. A beggar country whose survival depends on IMF loans cannot invest in anything, anywhere.

Just one Indian company Essar is 1/6 th the size of the whole Pakistani economy! And TATA itself is 1/2 the size of Pakistan economy!

 

[Echo_419]

I beleive that Pakistan should also counter India by investing in Sri Lanka and Bangladesh and make ports there and deploy military assets there. Like that we can surround India. Why should we only let China do that? We can also assist them

Lol you should try to build a better economy 1st

Also note: ONGC to invest ₹11 trillion in Vietnam for oil drilling. That is roughly the same size as that of the Vietnam economy.

Correct me if I am wrong bit isibt that nearly the size of Vietnamese economy

 

[Dr. Sen]

Correct me if I am wrong bit isibt that nearly the size of Vietnamese economy

Sorry I did not get that. But if you wanted more details, you can open the link and also the second link which quotes the amount in USD. The relavant info is in the link.

 

[PatriotLover]

To invest, one need to have the means to invest viz. foreign exchange. A beggar country whose survival depends on IMF loans cannot invest in anything, anywhere.

We have the capability. We only need more control over Bangladesh and Sri Lanka. If needed we can take that control over from China.

 

[Echo_419]

Sorry I did not get that. But if you wanted more details, you can open the link and also the second link which quotes the amount in USD. The relavant info is in the link.

Nevernind will search for it myself

 

[Dr. Sen]

Nevernind will search for it myself

And don't forget to give your feedback about what you think. Even I am abit surprised by the amount. Its massive!

 

[anonymus]

Also note: ONGC to invest ₹11 trillion in Vietnam for oil drilling. That is roughly the same size as that of the Vietnam economy.

11 Trillion is nearly 1/3 of world's GDP, and amount which Vietnam earns would earn in 64 years. There is nothing to check here.You have mistook billion for trillion.

 

[Echo_419]

11 Trillion is nearly 1/3 of world's GDP, and amount which Vietnam earns would earn in 64 years. There is nothing to check here.You have mistook billion for trillion.

He means 11 trillion rupees not dollars thats 176 billion dollars

 

[Kyusuibu Honbu]

11 Trillion is nearly 1/3 of world's GDP, and amount which Vietnam earns would earn in 64 years. There is nothing to check here.You have mistook billion for trillion.

11 trillion rupees that is close to $176 billion, even that number seems really big for a period of 15 year i.e $11 billion per annum

 

[Echo_419]

And don't forget to give your feedback about what you think. Even I am abit surprised by the amount. Its massive!

Well oil & gas require massive investments