RIL bids for three blocks in Australia

Reliance Industries (RIL) has submitted bids for a stake in three Australian exploration blocks, in partnership with Santos -an Australian exploration company.

RIL is also eyeing exploration assets in Peru and Columbia, along with existing refineries in US and West Asia.

CCEA approves OVL's stake in Egypt gas field

On 15 June 2007, the Cabinet Committee on Economic Affairs (CCEA) approved ONGC Videsh's (OVL), plans to acquire 33 per cent stake in an Egyptian deepwater block from operator Royal Dutch Shell.

The total investment is close to $380 million, and the block is estimated to have gas reserves of around 14 tcf. Currently, it is being held by two companies - Shell with an 84 per cent stake and Petronas of Malaysia with 16 per cent.

The government has set a target for OVL, to produce 6.34 million tonne of oil and 1.65 billion cubic metres of gas, by March 2008. OVL plans to convert gas into liquefied form and transport it to India.

OVL had earlier acquired a 15 per cent stake in Brazil's BC-10 block, after Shell exercised its pre-emption option to buy an additional 30 per cent from Petrobras and had transferred half in favour of the Indian company.

DS Constructions in JV acquires Globeleq America's power assets

DS Constructions in 50:50 JV with Israel Corporation has successfully acquired Globeleq America's power assets for $542 million.

The acquisition funded through the internal resources, is achieved after adjustments due to accrued interest, withdrawn dividend and exclusion of two minority holdings of Globeleq, which are subject to third party rights.

The assets have a total capacity of over 2,180 MW and are engaged in production and sale of electricity. Some of the power plants acquired in this transaction are hydroelectric and gas based.

Globeleq's America assets with a total capacity of over 2,180 MW consist of natural gas and hydro power plants in Peru and Bolivia, fuel based power assets in El Salvador, Dominican Republic, Guatemala, Nicaragua, Panama and Jamaica. With the conclusion of the deal, these assets have been transferred to the JV partners.

ONGC signs deal with Petrobras for stake in oil blocks

Oil & Natural gas Corporation (ONGC) has signed a deal with Brazil's Petroleo Brasileiro S.A. (Petrobras), to exchange stakes in oil blocks within their respective countries.

ONGC's deepwater blocks, where Petrobras will hold a stake, include those in the Krishna-Godavari (KG) basin off the Andhra Pradesh coast, and the Mahanadi basin off the Orissa coast. Petrobras has offered ONGC 25-30 per cent stake in three exploration blocks, while ONGC in return has offered Petrobras 15- 40 per cent stake in its three deep-water blocks.

Webel signs MoU with PV cells manufacturing company in Europe

Webel-Sl Energy Systems, has signed an MoU with a prominent company which manufactures PV cells in Europe.

According to the MoU and based on the semi-conductor policy recently announced by the Government of India, the parties intend to assess the feasibility of setting up a production unit for wafers and solar cells with an installed capacity of 100 MWp, that can be expanded up to 200 MWp, in India (West Bengal).

Depending on the results of this study and subject to the respective Boards' decisions, the parties intend to build and operate the new plant through a JV.