ONGC and BHP Billiton Received Approval Oil Exploration Contract
India has approved the contracts for oil exploration for Oil and Natural Gas Corp (ONGC), the nation, the largest energy explorer, and BHP Billiton Ltd since sought to reduce dependence on imports.
The nation of South Asia has approved the release of 33 blocks, where the Minister P. Chidambaram told reporters in New Delhi on Friday after a cabinet meeting. Weren two blocks, AOT granted because the government has offered low-income areas, according to a statement that did, AOT give more details.
Asia, the third largest energy consumer is seeking to reduce dependence on imports to meet demand for fuels and the production of four decades-old domestic fields declines.
The Ministry of Finance expects the gross domestic product growth of 8% in the year starting April 1.
India received proposals from 36 of the 70 oil and gas fields on offer in the past year, the government said in October.
Explorers may have been deterred concern that a field of legal dispute between billionaire brothers Mukesh Ambani and Anil Ambani over the supply of gas from $ 38 billion (Rs1.73 trillion) will lead to increased state control of energy prices , according to VK Sibal, the then director-general of hydrocarbons. Read more
BHP Billiton Olympic Dam Haul System in Shut Down
BHP Billiton has halted output at its Olympic Dam uranium, copper and gold mine in South Australia after a haulage system suffered a mechanical failure.
It is not yet known why the automated system, in the Clark Shaft, broke and BHP says it is conducting a full investigation into the incident.
The unmanned shaft supplies ore from underground to the surface processing facilities and is backed up by a secondary haulage system that still works.A BHP Billiton spokesperson told AdelaideNow that the haulage system is blocking the mine, and that operations have stopped to ensure the safety of staff. Read more
Developments in the South African heavy minerals industry
South Africa’s heavy minerals industry stands favourably within the world market, producing just over 40% of the world’s zircon output, states a report released by the directorate of mineral economics, entitled ‘An overview of South Africa’s Zircon Industry and the Role of Black Economic-Empowerment (BEE)’.
A number of mining projects are currently under development in South Africa to maintain their place in the heavy minerals market. Read more
