BL reported that British Petroleum is planning to divest up to 50% stake to a strategic partner in Birbhum CBM block in West Bengal.
The report quoted a company spokesperson confirming the move to rope in a non operating partner by saying that “We are examining if we can divest a minority stake in the block BB-CBM-2005/III in Birbhum in West Bengal, a practice we routinely follow with most of our projects to optimize our exploration spend globally and portfolio and we try to maintain a strict discipline on exploration globally.”
Official said “We will continue to be the operator. We are focused on successfully completing our phase-I exploration and testing program.”
Industry sources, however, added that BP was scouting for a partner to divest 50% of its non operating interest in the block to recover, partly or fully, its expenses towards the CBM project. According to sources, nearly 30% of the project cost is earmarked for overhead spends and most of the contracts for the project have been awarded.
BP Exploration (Alpha) Limited, a group outfit acquired 100% interest in the block BB-CBM-2005/III during the third bidding round for CBM blocks. As per report, it launched a USD 60 million program to drill 12 core holes and 5 production wells in the block.
(Sourced from http://www.steelguru.com/news/index/2009/07/10/MTAxNTcy/BP_scouting_for_partner_to_buy_stake_in_Bengal_CBM_block.html)
Budget update - Indian PM hails initiatives by railway
Dr Manmohan Singh PM of India has hailed the railway budget and said that the focus is on improving amenities, safety and security.
Dr Singh said that “Ms Mamata Banerjee Indian railway minister has done a very competent job in a short period of time. She has presented a budget without imposing any burden by way of increase in freight charges or passenger fare. At the same time she has in keeping with our party’s election promise focused on improving amenities for passengers, improving safety and security of railways and making rail travel a desirable experience.”
He said that “She has outlined a program of modernizing 50 railway stations to world class standards. A large number of facilities have been included by way of using the innovative finance mechanism of public private partnerships to improve the productivity of the railways and to finance more investment. I therefore complement the railway minister for a very competent job she has done in a very short period.
Source From; http://www.steelguru.com/news/index/2009/07/10/MTAxNTcz/Budget_update_-_Indian_PM_hails_initiatives_by_railway.html
Thursday, July 9, 2009
BP scouting for partner to buy stake in Bengal CBM block
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