East Coast find by Cairn India pegged at 550 million barrels NEW DELHI: Cairn India has been exploring and producing hydrocarbons in India for more than 17 years.
The latest findings at the Nagayalanka- SE- 1 well in Krishna Godavari ( KG-
ONN- 2003/ 1) onshore block is estimated at about 550 million barrels equivalent of inplace oil and gas. According to sources, these numbers and the prospects have been reviewed independently, once approved by the Directorate General of Hydrocarbons ( DGH) this may prove to be higher than Ravva fields whose entire reserve was estimated at 400 million barrels equivalent of oil and gas. Cairn India has recovered 245 mmbbls of oil and 330 bcf of gas, more than double the original estimates initially it was estimated to produce barely 100 million barrels.
I- T dept gears up to fight black money NEW DELHI: The Income Tax department has initiated a special countrywide exercise to engage a battery of lawyers for fighting black money cases and filing prosecution in a host of other tax evasion cases. The department, on directions of the Central Board of Direct Taxes, has issued fresh guidelines for hiring counsels for presenting revenue cases at the High Courts, lower courts and other judicial forums like Income Tax Appellate Tribunal and the Settlement Commission. ” The Chief Commissioners across the country have been asked to get onboard aptitude based counsels so that black money cases can be pursued vigorously.