New Delhi/Mumbai:Reliance Industries Ltd (RIL), the operator of India’s biggest natural gas discovery, said the nation’s next round of oil field auctions may not be attractive for investors. The global credit crunch and work that’s pending in areas auctioned earlier may hamper fresh exploration efforts, Atul Chandra, president of RIL’s international operations, said in New Delhi on Wednesday.
IOC’s crude import bill falls to $1.5bn a month
New Delhi:Indian Oil Corp., the nation’s largest refiner, is currently paying $1.5 billion a month to import crude, down from a peak of $4.5 billion (Rs23,368 crore) a month when oil prices peaked last year, finance director Serangulam Narasimhan said on Wednesday.
$60 is fine for upstream oil buys: RIL executive
New Delhi: Reliance Industries Ltd’s (RIL) top upstream official said $60 (Rs3,115) a barrel is the “right” price for valuing potential oil exploration acquisitions as prices are expected to rise 50% in the next few years.
Atul Chandra, who is charged with driving RIL’s upstream expansion, also said on Wednesday production costs were falling more slowly than oil prices.
While the price collapse and onset of a deep global recession have clouded the outlook for the sector, Chandra said he was confident of at least a partial recovery in the next few years.
“For the current scenario, $40 is a fair price for valuing a producing property but for (the) long term, meaning four to five years, $60 is the right price (for exploration assets),” he said.