In a move that will add to its offshore vessel building expertise and give it an edge over competition, ABG Shipyard, the country’s largest private sector shipyard, is looking at building sub-sea vessels, which can be employed underwater for exploration and production (E&P) activities. The shipyard is currently in talks with a Middle East company for strategic technology tie-up, and as a packaged deal, it is also looking to secure contracts for the vessels. The deal is expected to be finalised early next month.
ABG plans to build these specialised offshore vessels at its upcoming ultra-modern Dahej facility, which would have the capability of making rigs as well as large vessels. The value-add initiative would not require any major investment, barring $25 million for some equipment ABG does not have today.
Sub-sea vessels are employed for offshore construction, inspection, repairs and maintenance of new and existing oil and gas fields, below the ocean floors. ABG had built an undersea construction vessel, CCC Pioneer, for a Greek firm about five years back. Looking at the demand and current market levels, a new sub-sea vessel would cost $60-100 million and being technical in nature, take about three years to build. At present, these vessels are sourced from yards in Norway, Japan and Korea.
With E&P spend increasing, the strategy to enter sub-sea vessels would work well for ABG and it would be going one step ahead of their offshore vessels expertise. ABG’s plan to enter this segment comes at a good time, given the shortage of suitable specialist vessels and robust global demand for sub-sea intervention work in the oil and gas industry.
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Lupin Ltd‘s subsidiary in Japan, Kyowa Pharmaceutical Industry Co Ltd has received approvals for 10 products from the Ministry of Health & Labour Welfare, Japan (MHLW) and expects to launch these in July 2008. Lupin had acquired Kyowa in October 2007 and it is currently focusing on enriching its product basket and expanding its therapy width. These fresh approvals will strengthen Lupin's position in the worlds' second largest pharmaceutical market.
These newly registered molecules will significantly add to Kyowa's growth over the next few years. The company will get the advantage of an early entry in the progressive opening up of the generic Pharma market of Japan as it intends to rapidly introduce an array of generic therapies from its global portfolio.
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Hindustan Oil Exploration Company Ltd (HOEC) has conducted a drill stem test (DST) covering about 17 meters (in three Zones) out of a total of about 45 meters in eight gas bearing reservoir zones in Dirok-1 discovery well in block AAP-ON-94/1.
The DST has resulted in flow of natural gas at an initial rate of approximately 6 million standard cubic feet per day (mmscfd) in the aggregate from the three tested zones along with condensate at an initial rate of approximately 75 barrels per day through 6.35 mm bean, indicating discovery being of potential commercial interest.
The Company (the Operator), Indian Oil Corporation Ltd and Oil India Ltd presently have 40.323%, 43.548% and 16.129% participating interest respectively in the exploration phase. Oil India Ltd, the licensee of the block, has an option under the Production Sharing Contract to acquire additional 30% participating interest in the development and production phase. Should, Oil India Ltd exercise this option, the revised participating interest in the development and production phase shall be 26.882%, 29.032% and 44.086% for the Company, Indian Oil Corporation Ltd and Oil India Ltd respectively.
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