Mumbai: India plans to add 100,000MW in electricity generation capacity in the five years starting 2012, power secretary Anil Razdan said.
Asia’s third largest economy expanded by 9,263MW in the year that ended on 31 March, Union power minister Sushil Kumar Shinde said on Thursday. The nation has set a target to add 78,755MW of capacity under its five-year development plan ending 31 March 2012, the minister had said in August.
India’s power industry is expected to grow 9.5% annually in the five years to March 2012, according to the Economic Survey prepared by finance minister Palaniappan Chidambaram’s advisers.
Hardy signs onshore exploration pact in India
London: UK-based explorer Hardy Oil and Gas Plc. said it sold a 20% stake in its Oza field in Nigeria to Emerald Energy Resources Ltd and signed an onshore exploration agreement in India.
Hardy will retain a 20% working interest and Millenium Oil and Gas Co. Ltd will keep 60%, the company said in a statement on Thursday.
The value of the deal wasn’t given, though Emerald will assume Hardy’s obligation to fund the field’s initial work programme, Hardy said.
The company also said in a separate statement it got its first onshore exploration license in Assam after signing an agreement on 31 March with Reliance Industries Ltd.
Both companies are working on a programme and budget for the coming year, Hardy said.