Mukesh Ambani led Reliance Industries Ltd (RIL), which has tasted success in a block in the Cauvery basin, could be close to striking hydrocarbon in an adjacent block (Palar deepwater PR-DWN-2001/1) in the region.
The first success was in the CY-DWN-2001/2 (CY-III-D5) block.

The company has temporarily shifted focus to Cauvery-Palar offshore from the Krishna-Godavari Basin where it had a huge success.

In the Palar block, RIL is understood to be testing a well. The hydrocarbon success would be known only after testing is completed, industry sources said.

After successful completion of its drilling activity in the Palar block, the company has now moved to CY-D5 and is drilling an appraisal well. Sources told Business Line that RIL started drilling the appraisal well a few days ago.

CY-D5 is where RIL had run out of luck after striking oil and gas in only one out of the five wells drilled.

On why the company returned to CY-D5, a source said: “Though the company ran out of luck in the subsequent wells drilled, the first discovery was significant. An appraisal well is drilled to quantify the find.”

The find in the first well showed two hydrocarbon bearing zones.

The first zone had 550 barrels a day of oil and one million cubic feet a day of gas, while in the second zone the company found 31 million cubic feet a day of gas and 1,200 barrels a day of condensate.
According to the initial appraisal programme for CY-D5 as submitted to the management committee of the block, RIL was estimated to invest about $22.75 million for undertaking additional work. “This number, however, is expected to go up now,” a source said while not indicating the definite figures.

These two blocks were awarded to RIL in NELP III. As on date, RIL has 29 oil and gas blocks, and has made 44 discoveries (both commercial and non-commercial) including overseas properties.
Blocks such as CY-D5 are called wild cat blocks, and the success ratio is one in 10 globally in such blocks. Wild cat blocks are new frontier areas.

Source:http://www.thehindubusinessline.com/2010/03/08/stories/2010030851470100.htm

Presenting a broadly acceptable Budget for a country of India’s size and complexities is always a formidable task. It is especially so in such difficult and uncertain times as we are passing through these days, when the entire economy and polity are so severely buffeted by clashing sectional and sectoral demands. The Finance Minister, therefore, deserves kudos for coming out with a handsome Budget in such times. He has handled the contrary demands he faced with a deftness that can come only from long experience in public life and government.

I am sure it will be widely acknowledged that he has manoeuvred his way out of the difficult times with great adroitness. He has contained fiscal deficit to the extent feasible and that too without curtailing growth. He has given concessions where required, raised allocations for the poor, especially the rural poor, besides offering much required relief to tax-payers that should sustain demand for consumer goods in the economy.

Some duties have, of course, been raised and these will, no doubt, add to some pressure on prices. These increases were, however, largely expected, and the manufacturers and consumers had taken them into account. I think that the roll-back of incentives, talked about for so long, has been kept within bearable limits.

Social stability
As in the last Budget, the Finance Minister has once again focussed his attention on reaching the poorest of the poor. That is where the benefits of all national efforts towards boosting growth must be directed. India must begin to rise from deep below — from where all growth will ultimately come.

Also, it is only by adopting an inclusive growth paradigm that orderly and sustainable economic progress and social and political stability can be attained. If growth and its benefits do not reach the bottom, everything we have attained so far will be jeopardised. The increase in allocations for these sections and the improvements envisaged in delivering the benefits to them are, therefore, especially welcome.

Farm focus
The renewed and increased emphasis on raising agricultural production and providing incentives for food storage and processing are other very important points. As we have seen, the last two years’ inflationary pressures have largely, almost solely, been the outcome of scarcity of agricultural commodities.

It is the most urgent need of the times not only to arrest negative growth in agriculture but reverse the falling trend and boost production of all commodities, including oil-seeds. The increase in allocations for this area is highly commendable. In addition, this calls for some very innovative measures all along the base and frontiers of agriculture.

Overall, I am sure Mr Pranab Mukherjee’s Budget will put India on a path that will lead to achieving the targets he has set for the country for 2010-2011 and beyond. It is a handsome and inclusive Budget which will propel the country’s ambition of fulfilling the dreams of a billion-plus population.

Source:http://www.thehindubusinessline.com/2010/02/27/stories/2010022754461700.htm