Oil and Gas Current Affairs

India, Belarus sign 10 pacts to expand cooperation

India and Belaru have inked 10 agreements to expand cooperation in range of areas including oil and gas, education and sports and also decided to explore joint development and manufacture of military platforms.

The agreements were signed after extensive delegational levels talks between Prime Minister Narendra Modi and Belarus President A G Lukashenko in New Delhi. Both leaders agreed to focus on ramping up economic engagement between two countries and held that their is huge scope for boosting trade and investment.

Signed MoUs/Agreements

  • MoU in the Oil and Gas Sector
  • MoU for Cooperation in Agricultural Research and Education
  • Programme of cooperation in the field of culture for 2018-2020
  • MoU between Sports Ministry and Ministry of Education of Belarus
  • MoU for Cooperation in the Field of Vocational Education and Training
  • MoU between JSC Belarusian Potash Company (BPC) and Indian Potash Ltd (IPL)
  • Agreement on Scientific and Technical Cooperation between National Academy of Sciences of Belarus and Indian National Science Academy (INSA)

India-Belarus Bilateral Relations

India’s relations with Belarus are traditionally warm and cordial. India was one of first countries to officially recognize Belarus as independent country in 1991. Bilateral relation between both countries is marked by broad understanding on issues of mutual interest.

Cooperation in science and technology and defence is important aspect of India-Belarus bilateral relations. Two-way bilateral trade amounted to US$ 402 million in 2016. The trade balance remains in favour of Belarus primarily on account of imports of Potash. Belarus has been supportive of India’s candidature for permanent seat at UNSC. Belarus also supported India at NSG meeting in Seoul in April 2016.

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CCEA approves survey project of Un-appraised Areas of Sedimentary Basins

The Cabinet Committee on Economic Affairs (CCEA) has approved survey project to acquire 48,243 Line Kilometer (LKM) 2D seismic data for appraisal of Indian sedimentary basins where limited data is available.

Sedimentary basin is a low area in the Earth’s crust, of tectonic origin, in which sediments accumulate. It can range from as small as hundreds of meters to large parts of ocean basins.

India has total 26 sedimentary basins covering area of 3.14 Million Sq Km (MSK) spread over onland, shallow water and deep water. 48% of total sedimentary basin area (about 1.502 MSK) does not have adequate geo-scientific data.

Key Facts

The project will be implemented by Oil India Limited (OIL) and Oil and Natural Gas Corporation (ONGC). Under it, survey work will be carried out in 24 States. OIL will conduct survey in North-Eastern States, while ONGC will cover remaining area. The entire project is likely to be completed by 2019-20.

After appraisal of these sedimentary basins, blocks will be offered for further exploration and production activities based on prospectivity of area. It will help in increasing the investments in domestic production of oil and gas and generate direct and indirect employment.

Significance

The appraisal of all unappraised areas is considered an important task to launch future Exploration and Production (E&P) activities. Data acquisition will provide initial insight into basins and help in planning future E&P activities. It will be useful in deciding focus areas of exploration activities in country and on basis of this primary data, E&P companies will be able take up further exploration activities in acreages allocated to them.

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