Describe about the reliance industries gets green nod for tamil nadu drilling project . Please focus on trigger and also make a report and also include company history,present and future . and also anlyse this trigger and put references as much as you can and make some recomendation . Make it as an company report including acknowledgement , summry, table of contents and reference.
Reliance Industries Ltd. is one of the largest, and the leading groups of India. The founder and owner of this private enterprise is Dhirubhai Ambani. This industry is of noteworthy importance and is one of the major private sector organizations on financial grounds. The company shows its significant interest in the coastal, and offshore investigation in India. The company has been very innovative from time to time. It has started its business with a textile, and yarn producing industry, and now has spread its arms in almost all the major fields where the business can be done (Reliance Industries, 2000).
The company has a strong mission, and vision of its work. Reliance Industries Limited has always been of the opinion of investing in the businesses of India. It contributes a considerable share in the economic growth of India, and to the social welfare of the country, and its people. The company ranked 134 in the list of Fortune 500 companies in the year 2011, and a year after it came to 99. The progress of this industry is of immense appreciation.
According to recent reports, it has been heard that Reliance Industries Ltd. has been a given green nod for undertaking eight more borehole drilling to discover reservoir capacity of hydrocarbons at the offshore of the Tamil Nadu, which constitutes the Bay of Bengal. The company has already taken its project to an extent by drilling almost ten wells and till now, it has found the chief components of hydrocarbons in three of its wells. Since the data of seismic activity demonstrated the presence of hydrocarbons in the area, the committee of experts reviewed, and examined the whole scenario, and approved the proposal of Reliance Industries to continue the exploratory drill in the block (timesofindia-economictimes, 2016).
The Ministry of Environment and Forest has also given clearance to the project after examining all the pros and cons of the proposal under certain guidelines which the company has to follow during the whole process till it completes. The terms and conditions should be viewed seriously and time to time reports must be submitted to the government.
The Exploration and Production business of Reliance Industries got a kick start when it signed an agreement of joint venture to become a partner of 30 percent with British Gas and Oil & Natural Gas Corporation (ONGC). This deal was signed in the Panna-Mukta and in the blocks of South Tapti (Tricker, 2011).
Production Performance
|
FY 2014-15 |
FY 2013-14 |
Units |
|
|
KG-D6 |
|||
|
Oil |
2.0 |
2.0 |
MMBBL |
|
Gas |
157.6 |
178.3 |
BCF |
|
Condensate |
0.3 |
0.3 |
MMBBL |
|
Panna-Mukta |
|||
|
Oil |
7.2 |
7.4 |
MMBBL |
|
Gas |
70.7 |
65.4 |
BCF |
|
Tapti |
|||
|
Gas |
14.3 |
27.3 |
BCF |
|
Condensate |
0.2 |
0.3 |
MMBBL |
These two companies are the biggest assets of the company concerning the production of Oil & Gas. This sets Reliance Industries at a place where it can derive many advantages of its offshore capabilities.
Image retrieved from URL link: (https://image.slidesharecdn.com/presentationonrelianceindustries-130417152146-phpapp02/95/presentation-on-reliance-industries-8-638.jpg?cb=1366212183)
Reliance Industries Limited also signed a contract deal of 2 offshore blocks named (M17 & M18) for the production of oil and gas with Myanmar Oil and Gas Enterprise abbreviation of which is MOGE, a government organization of Myanmar in the same financial year (Prevedel, 2007).
The Green Panel of the Centre approved the proposal of Reliance Industries for carrying out more of drilling activities in the area of the CY-III-D5 block at the offshore of Tamil Nadu, near the Bay of Bengal. Recently, according to the reports of seismic data, the presence of hydrocarbons has been seen in the block. This is why, the panel has given permission to drill eight additional exploratory bore wells so as to discover reservoir capacity of hydrocarbons within the area (Khan, 2011). The Environment MinistryÂ’s Committee has inspected the proposal and then after a long, and careful consideration; the committee approved the proposal so made for the environment clearance. The key components of the deal are:
1. The panel suggested that the company should make certain that the gas so produced is flashed with proper flaring booms.
2. The testing measures of the gas should be appropriately performed taking all the safety precautions.
3. The safety guidelines for oil and gas industry should be followed during the testing.
4. The company has to make sure that the plant life and the animal life within that region should not be disturbed.
5. Appropriate conservation measures are to be followed for the protection of flora and fauna of that region (Onstott and Kieft, 2015).
6. Monitoring of metals of relatively high density, and of the petroleum hydrocarbons should be done effectively.
7. Proper and accurate report maintenance should be done, and it must be sent to the government timely.
8. The committee also proposed that all the hazardous waste substances obtained from the process should be disposed off according to the norms and conditions.
The aforementioned guidelines are to be followed strictly and on the basis of latest reports, it is clear that the rights of exploration have been approved under the New Exploration Licensing Policy-3. Reliance Industries has acquired the five standard blocks of oil and gas into its domestic portfolio, which are situated at Mahanadi, Gujarat, Godavari, Kaveri, and Saurashtra basins. The company has also acquired various blocks in overseas and is in the ongoing process of getting more blocks for conducting its activities of Exploration and Production. It is delivering a high value to the energy sector of India and contributes at the greatest level of the growth of this sector (Sacher and Schiemann, 2010).
There is various researches and analysis has been done considering the exploration of hydrocarbon activities, and it reveals the following facts:
It says that the energy sector of the country will be benefitted a lot, and it will have a significant impact on the domestic production of the oil and gas within the country.
1. It has been noted that the government spends a lot of its money on the imports of crude oil to meet the demands of the country. The production of Oil & Gas into the country will definitely help and contribute to the growth and success of India (Reliance Industries Ltd v Enron Oil and Gas India Ltd and Anr, 2001).
2. The increase in domestic production is going to affect the budget deficit in a better way.
3. The increase in the investment opportunities by private sector enterprises into IndiaÂ’s exploration industry.
4. The ongoing activities of Exploration and Production will also encourage the Indian oil fields and the markets.
The total earnings and revenues of Reliance Industries Limited (RIL) are presented as follows:
|
FY |
Revenues in $ |
Earnings in $ |
|
2009-10 |
44.6 billion |
3.6 billion |
|
2010-11 |
58.6 billion |
4.5 billion |
|
2011-12 |
66.7 billion |
3.9 billion |
Figures showing overall summary of RIL:
Image retrieved from URL link: (https://images.financialexpress.com/2015/10/Gr49.jpg)
Image retrieved from URL link: (https://www.ril.com/InvestorRelations/FinancialReporting.aspx)
Earnings before Income & Tax for the Financial Year 2016 are Rs. 378 crores.
Graph retrieved from URL link: (https://www.ril.com/InvestorRelations/FinancialReporting.aspx)
Latest reports show that Reliance Industries ventured Shale Gas Company which has demonstrated a good growth in earlier quarters, has now recorded a decrease in earnings, and profits because of low volumes and realizations. It has also been discovered that the company has held its stakes and reduced its activities to protect its operational expenses.
Image retrieved from URL link: (https://www.economictimes.indiatimes.com/photo/46989666.cms)
The company is doing a great business since years, and it has a lot of experience in the field of Exploration and Production. So, it seems that there are no loop holes in the project till date but it if the company will precautions in some areas of that field, the result then can be a great success to the company as well as to the government. The things to be taken care of are as follows:
Reliance is working really well on national upfront. It has also grown its business internationally and worldwide. Considering its business in the field of Exploration, Reliance has also acquired some offshore blocks in the city of Myanmar (Bhutan). The company has also entered into some major joint ventures with the international brands of the gas industry in the year 2010. The major oil and gas production of RIL is done by Panna-Mukta and Tapti blocks, in short known as (PMT) blocks in India. And on an international level, the work is being done by US Shale Gas Industry (Bantekas, 2009).
According to the report of a research company named TechSci, it has been released that considering the increase in ongoing exploration activities, the future of oilfield market is estimated to exceed approximately US $8 billion by the year 2020 (Sakmar, 2012).
Conclusion
Reliance Industries has been a great success considering its overall performances throughout from the day of its establishment. The company has taken decisive and appropriate steps to contribute to the economic growth and development of India. The primary motive of this industry is to work for the benefit of the society and the country. This philosophy of the company resulted in the development of many markets worldwide. Reliance has performed excellently, and faced the challenges coming into its way very effectively. Reliance Industries work for the betterment of the country. The prime objective of this enterprise is to Invest, Innovate, and Inspire (Mihret and Admassu, 2011).
Henceforth, considering all the works and progress of the company, the Tamil Nadu project seems to be a success as the work in progress is at its great speed. If the company will fulfill all the norms and guidelines issued by the government, and the work is to be done carefully, the project will generate efficient revenue to the company as well as to the economy.
References
Bantekas, I. (2009). Oil and Gas Production Contracts. The Journal of World Energy Law & Business, 2(3), pp.263-264.
Khan, A. (2011). Seismogenic sources in the Bay of Bengal vis-à-vis potential for tsunami generation and its impact in the northern Bay of Bengal coast. Nat Hazards, 61(3), pp.1127-1141.
Mihret, D. and Admassu, M. (2011). Reliance of External Auditors on Internal Audit Work: A Corporate Governance Perspective. IBR, 4(2).
Onstott, T. and Kieft, T. (2015). Developing Deep-Life Continental Drilling Projects. Eos, 96.
Prevedel, B. (2007). Drilling and Completion Challenges in Fault Zones: Lessons Learned from ICDP Projects. Scientific Drilling, (Special, No. 1).
Reliance Industries Ltd v Enron Oil and Gas India Ltd and Anr. (2001). Arbitration Law Reports and Review, 2001(1), pp.669-677.
Reliance Industries. (2000). Metal Finishing, 98(9), p.38.
Richter, P. (2015). From Boom to Bust? A Critical Look at US Shale Gas Projections. Economics of Energy & Environmental Policy, 4(1).
Sacher, H. and Schiemann, R. (2010). When do deep drilling geothermal projects make good economic sense?. Renewable Energy Focus, 11(5), pp.30-31.
Sakmar, S. (2012). Natural gas production-international/cross-border: Rest of world learning from US shale gas experience. Nat. Gas Elec., 29(2), pp.7-11.
Satheesh, S. (2002). Radiative forcing by aerosols over Bay of Bengal region. Geophys. Res. Lett., 29(22), pp.40-1-40-4.
SÖÖT, P., VOLL, H. and KÕIV, T. (2012). UTILIZATION OF OIL SHALE RETORT GAS. Oil Shale, 29(3), p.248.
Timesofindia-economictimes. (2016). RIL gets green nod for exploratory drilling project in Tamil Nadu. [online] Available at: https://articles.economictimes.indiatimes.com/2016-05-15/news/73102314_1_ril-exploratory-environment-clearance [Accessed 15 May 2016].
Tricker, B. (2011). Re-inventing the Limited Liability Company. Corporate Governance: An International Review, 19(4), pp.384-393.
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