OIL LOSES `50-60 CR DUE TO BANDHS, ROAD BLOCK­ADES

Resource Digest - - RESOURCE DIGEST -

Oil In­dia Ltd in­curs an an­nual loss of Rs 50-60 crore in oil and gas pro­duc­tion in As­sam due to dis­tur­bances caused by bandhs and road block­ades, the com­pany’s CMD Ut­pal Bora said.

Last year, 2,000 tonnes of oil and gas worth Rs 45 crore was lost due to these two rea­sons, Bora told a press con­fer­ence here.

The oil fields pro­duce 100 kilo­litres of oil per day and if the pro­duc­tion is stopped, they can­not be restarted eas­ily, he said.

“We are com­mit­ted to the de­vel­op­ment of the North­east and we need the sup­port of the peo­ple,” he added.

Over 100 tonnes of oil is also lost when miscreants close the oil wells by turn­ing off the knobs in re­mote ar­eas, steal their con­densers and cut oil pipe­lines, he said.

“As the CISF and our own se­cu­ri­ty­men are en­gaged in pro­tect­ing our in­stal­la­tions where ma­chines, of­fices and res­i­den­tial colonies are sit­u­ated, we have sought se­cu­rity from the state gov­ern­ment,” Bora said.

He said that dur­ing a meet­ing with Chief Min­is­ter Sar­bananda Sonowal, Sonowal had as­sured of de­ploy­ing As­sam Po­lice bat­tal­ions when­ever a need arose.

“On oil pro­duc­tion, he said, OIL pro­duced 3.24 mil­lion met­ric tonnes against 3.8 mmt dur­ing 2011-12.

He said that OIL had 30 per cent of “non flow­ing wells” which needed in­ter­ven­tion for ‘stim­u­la­tion’ for sus­tained oil pro­duc­tion.

An OIL of­fi­cial in­volved in oil drilling said ef­forts were on to re­duce the 30 per cent ‘non flow­ing’ oil wells to 10 per cent with 172 such wells ‘stim­u­lated’ this year against 150 last year.

The of­fi­cial also said that in the last 3-4 years, 40-50 new oil wells had been drilled per year with 53 new wells tar­get­ted this year. Rs 50 cr OIL Start-up fund for new ideas in oil & gas sec­tor Oil In­dia Lim­ited (OIL) has set up an OIL Start-up fund of Rs 50 crore to en­cour­age new “out of the box” ideas re­lated to the oil and gas sec­tor, par­tic­u­larly in the North­east.

The oil ex­plo­ration ma­jor’s chair­man-cum-man­ag­ing di­rec­tor Ut­pal Bora said in a press con­fer­ence that the ini­tia­tive was in line with the Cen­tre’s ‘Start-up In­dia’ ini­tia­tive.

“The OIL Start-up fund is to en­cour­age stu­dents, young en­trepreneurs and in­sti­tu­tions to come out with out of the box ideas for the ben­e­fit of the oil and gas sec­tor that is con­tribut­ing enor­mously to the growth of the econ­omy,” Bora said. The ini­tia­tive was to cre­ate an ecosys­tem that was con­ducive for growth of start-ups in the oil and gas sec­tor, which has a huge scope for ap­pli­ca­tion of tech­nol­ogy-en­abled ideas, he said.

“Cur­rently the sec­tor faces var­i­ous crit­i­cal chal­lenges and new ideas are re­quired to ne­go­ti­ate those chal­lenges. OIL will be part­ner­ing with in­sti­tutes of ex­cel­lence in the North­east like Iit­guwa­hati to take this ini­tia­tive for­ward, wherein the in­sti­tutes will fa­cil­i­tate ‘idea in­cu­ba­tion’ for car­ry­ing out stud­ies and ex­per­i­ments,” Bora said.

The gov­ern­ment-run com­pany also plans to cre­ate a ded­i­cated web­site for its Start-up ini­tia­tive, invit­ing ap­pli­ca­tions with project ideas, be­sides invit­ing through news­pa­per ad­ver­tise­ments in the re­gion with spe­cial at­ten­tion given to ideas from stu­dents in tech­ni­cal in­sti­tu­tions and uni­ver­si­ties.

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