Oil | Green World Investor

Advantages and Disadvantages of Oil – Cons Disregarded by Powerful Lobbies

7 Jul, 2011

Oil is one of the most important commodities in the world playing an important part in some of the biggest industries like chemicals,transport,power,petrochemicals etc.The high energy density and easy availability have made mankind almost completely dependent on oil for most of his needs.Almost all of the world’s cars run on petrol /gasoline which is derived from crude oil.Despite new evidence that burning oil leads to massive pollution and greenhouse warming nothing had been done to prevent its usage growth.In fact each year billions of barrels of oil are burned to power cars,ships,trains etc.Some countries use oil to power electricity as well though that has been decreasing as oil prices have increased substantially in recent years.The massive oil dependency has been decried by politicians for a long time but little has been done to reduce it.Powerful oil lobbies run by massive industrial conglomerates like Exxon,Chevron,BP etc. have managed to kill legislation which would reduce the subsidies to the fossil fuel industry.The BP Oil Spill after creating a massive hue and cry has faded from the public mind and its now business as usual for the Oil Industry.The only way Oil usage can be reduced it seems is when the world runs out of oil and the prices become too high for most people to use it.

Advantages of Oil

1) High Energy Density – Oil has one of the highest energy densities which means that a small amount of oil can produce a large amount of energy.This makes it very useful as its high energy density has made it the preferred choice for use as fuel in automobiles.

2) Easy Availability,Infrastructure for Transport and Use – Oil is widely distributed in almost all parts of the world.Also there exists a massive infrastructure to transport oil to other places through ships,pipelines and tankers.This means that oil is available throughout the world

3) Crucial for wide variety of Industries – Besides Transport,Oil is a critical component in a wide variety of other industries.It is difficult to think of a commodity which has such a huge role to play in a wide variety of human products from Vaseline,cloth,medicines etc.

4) Easy to Produce and Refine – Oil is not very difficult to produce though most of the low cost locations have already been depleted.Now Oil is being mined off the coasts in seas and also tar sands.Oil Refinery Technology is also quite old and mature which implies that refining of oil to get valuable products like diesel,petrol is also quite easy

5) Constant Power Source and Reliability - Unlike solar and wind energy,oil can produce power 24/7 and is highly reliable.Oil engines are a mature technology and highly reliable to work with.

Disadvantages of Oil
1) Greenhouse Gas Emissions(GHG) – One of the biggest Disadvantages of Oil is that it releases Carbon Dioxide which has been sequestered for millions of years in the dead bodies of plant and animals.This transfers the Carbon from the Earth to the Environment leading to the Global Warming Effect.Global Treaties have failed in putting a Cost on this,though individual countries are tying to account for this through Carbon Taxes and Cap and Trade.

2) Pollution of Water and Earth– Oil Spills have caused massive pollution of water bodies as massive oil supertankers lead oil.This leads to the death of thousands of animals and fishes every year beside devastating the local ecology.The BP Oil Spill caused billions of dollars in losses and even to this day small Oil Spills keep happening.
3) Growth in Terrorism and Violence- Oil is drilled in some of the worst dictatorships like Saudi Arabia,African countries.This Oil Money goes directly into the hands of these despots who have amassed trillions of dollars.They give rise to violence and growth in terrorism as this oil money is used to fund these organizations.Osama Bin Laden comes from one of the richest Saudi families.However the powerful Oil Money also manages to suppress the voices of protest .

4)Emission of Harmful Substances like Sulfur Dioxide,Carbon Monoxide,Acid Rain - Oil Plants emit harmful substances such as Sulfur Dioxide which cause health hazards among the surrounding population and Acid Rain.While modern equipment has reduced the emission of these harmful substances,it is still very harmful to humans.

5) Leads to production of very harmful and toxic materials during refining,Plastic is one of the most harmful substances – Oil exists as a mixture of hydrocarbons with traces of sulfur and other compounds.Refining of Oil leads to production of harmful gases and solids like Carbon Monoxide and Plastic.

Also read about Nuclear Energy Advantages and Disadvantages and Hydro Energy Advantages and Disadvantages

Read about the Oil Companies Shenanigans in the BP Oil Spill

Oil Companies are coming under increasing fire in the aftermath of the BP Oil Spill which has exposed a lot of skeletons in the Fossil Fuel Closet.British Petroleum has already been exposed for the lies and deception with even the US regulators coming under criticism for lax regulation.The Oil Industry instead of owning responsibility has acted in a most shocking manner with Drilling Operator Transocean trying to escape responsibility behind a 150 year old law which caps liabilities at a measly $27 million.Even Oil Companies unrelated to the disaster,Exxon and Chevron are facing tough questions about the validity and morality of their Billions of Dollars in Windfall Profits.The super rich Oil Lobby seems quite helpless in the face of the public anger generated against the roughshod environmental treatment by Big Oil.

Contempt Towards Environment by Big Oil

These companies will find out that trying to fight back (like the Financial Industry) against public opinion might backfire for them.Oil companies like BP,Exxon have for a long time completely disregarded their responsibility towards the society.BP despite being a leading solar producer has recently closed its factories in the US while Shell has abandoned plans for investing in offshore wind.The lame excuse given each time is economic unviability even as other companies continue to make huge investments.Even shareholder fury in the past has failed to move the Oil Companies to invest more in Renewable Energy.

President Obama has said that the Oil Spill will change the shape of the Energy Industry just like the 9/11 Terrorist Strike.However the Oil Industry is much bigger and essential to society to be changed radically in a short time.However,if long term incentives and policies are changed , then this Environmental Disaster might have a Silver Lining after all.There are already calls by some Senators to redirect the huge fossil fuel subsidies in the US and Louisiana has already passed bills supporting Renewable Energy.

Directorate General of Hydrocarbons (DGH) – Regulatory Capture by Big Indian Oil/Gas Companies,CBI files Case (V K Sibal),CAG finds Massive Corruption (Gold Plating Reliance)

30 Jun, 2011

Energy,Gas,Oil

The Directorate General of Hydrocarbons (DGH) is under fire from various government investigative agencies like CBI and CAG .Note Director General of Hydrocarbons (DGH) is a regulator under the Indian Ministry of Petroleum and Gas which was established in 1993 post economic liberalization.DGH has been entrusted with several responsibilities like implementation of New Exploration Licensing Policy(NELP), matters concerning the Production Sharing Contracts for discovered fields and exploration blocks, promotion of investment in E&P Sector and monitoring of E&P activities including review of reservoir performance of producing fields.However the regulator has apparently connived with big Indian private oil and gas companies like Reliance,Cairn,BG to defraud the Indian treasury by billions of dollars.

Note Indian ministries and regulators have been found to be massively corrupt with the 2G Telecom Scandal facing the glare from the Supreme Court .Huge loss has been caused by ministers,corporate CEOs and various politicians a number of which are in jail right now.The CAG report had said that Reliance had doubled its cost in the KG-6 Basin leading to a huge loss for the Indian government.A number of other lapses (intentional) has been found by the DGH and the Ministry each time favoring the private oil and gas companies in India.Now the CBI has filed a case of corruption against the the former chief of the DGH V K Sibal for scuttling a probe by the Central Vigilance Commission (CVC) for showing undue favors to the private companies.Note India has been stuck by a number of scams in the stock market pertaining to mid cap and small caps.This has led to huge losses for investors with some companies like Reliance Telecom,Unitech having over 90% of their share values eroded.Reliance the biggest Indian company by market capitalization might be facing the same fate if the investigative agencies and the courts do their jobs.

Ex DGH V K Sibal under CBI scanner for hampering CVC probe

The CBI today said it will soon finalise a case against former Director General of Hydrocarbons V K Sibal for allegedly scuttling an enquiry by CVC for discrepancies in oil exploration works and contracts executed by domestic and foreign players.Besides this, CBI was also likely to register another case against him as the agency claimed it had sufficient documentary evidence against Sibal in alleged discrepancies in carrying out the work and favouring leading private players and foreign consultants involved in oil and gas field explorations.

India’s Largest Company Reliance Stock Dives on Corruption collusion fears with Oil Regulator (DGH),Ministry in Season of Scams

21 Jun, 2011

Energy,Gas,Oil

Investing in the Indian Stock Market is usually a choice between the Bad and the Ugly as Corporate Governance exists only in name.With the Indian government frozen with its top officials and ministers accused of numerous billion dollar corruption scams,Corporate India too has come under the corruption crosshairs.Note investing in India has always been a dangerous game which I have written probably too many times in this blog.Institutional Money Managers are mostly blind to the risks or plain incompetent most of the times.But now with the global capital in the risk off mode,scams and scandals are again affecting stock prices.Note in the last correction many of the high flying mid cap and small cap stocks had faced heart breaking falls in stock prices.Manipulation by “operators” and company promoters is nothing new.In fact both the Reliance groups have either paid fines or under investigation for massive insider trading.Note the ADAG Group has its 3 top executives in jail for swindling the Indian exchequer out of billions during the 2G Scam.

Now India’s Largest Company Reliance too has seen its stock fall to a post Lehman low on concerns that it has colluded with the Oil Regulator and Ministry to gold plate its costs in the KG 6 Gas concession.Reliance is India’s biggest oil and gas company with interests throughout the supply chain.Note its nothing new as Reliance has always been known to be the most powerful corporate in India .However with the government’s own auditing department CAG raising allegations of collusion and corruption,Reliance too may find itself snared in the corruption scandal.Note the infamous Nira Radia tapes had ample proof of how the powerful Reliance group manages the appointment of its favored persons in key federal ministries.The company must now by hoping that the Supreme Court which is already preoccupied with a ton of corruption cases does not take a keen interest and gets the CBI to investigate the allegations.

Oil Min, DGH bent rules for Reliance Ind: CAG

The CAG has rapped oil ministry and its technical arm DGH charging it with favouring Reliance Industries, but did not say if the Mukesh Ambani firm overbilled the government when it more than doubled KG-D6 gas field cost and caused loss to state exchequer.The CAG in its draft audit report of KG-D6 block said the ministry and the Directorate General of Hydrocarbons allowed Reliance to raise cost of developing the nation’s largest gas fields by 117 per cent.It said rules were also bent to grant “huge benefits” to Reliance when the ministry allowed the company to retain entire block but said gains cannot be quantified.”The increase in cost from (USD 2.39 billion proposed in the) Initial Development Plan (of May 2004) to (USD 5.196 billion) in the addendum to the Initial Development Plan is likely to have a significant impact on the government of India’s financial take.

Indian Telecom Companies appropriating $500 million of Fuel Subsidies for Poor and generating > 5 million tons of Carbon through Massive Diesel Burning in Telecom Towers

1 Jun, 2011

Climate Change,Oil,Renewable Energy,Telecommunications

Indian Telecom Companies are using more than $500 million in fuel subsidies meant for the poor and generating more than 5 million tons of carbon dioxide every year by using diesel gensets at telecom towers not connected to the grid.Note the Telecom Industry in India has not exactly covered itself with glory on other matters with the 2G Telecom Scam already putting top executives in jail and implicating top telecom companies as well.The issues of massive fuel wastage in telecom towers has been raised in the past in greenworldinvestor as telecom tower companies viom,gtl,airtel and others have tried to put lipstick on the pig by making a mockery of green initiatives by committing to convert only a miniscule number of total towers to renewable energy.

India’s Perverse Fuel Subsidy Scheme also to Blame as it allows massive corruption

India has around 300,000 Telecom Towers around the country , a large portion of which is not connected to the electricity grid.Another large portion does not have access to reliable electricity implying they have to install backup power systems in order to run without interruptions.Diesel Generators have been the choice of telecom operators despite their high carbon imprint.This is because of the ease of buying and installing diesel generators as well as the lower fuel costs as the government in India heavily subsidizes diesel.Note India’s Fossil Fuel Subsidies have led to hundreds of distortions in the economy.Corruption,Pilfering,Adulteration is carried out on a large scale due to government subsidies.In fact a senior government official was burnt alive by the Kerosene Mafia a direct outcome of this subsidy policy.But that is a separate issue.

Greenpeace takes up the issue against Diesel Burning by Telcos

Global environment group Greenpeace has taken up the issue and started a campaign against the biggest telecom operator Airtel.According to Greenpeace.Readers are urged to sign up as it still needs a lot of support to force the telecom companies to look for green solutions especially as it will help them in the future as well as the clean energy capex today will pay itself in the future years in the form of avoided cost of diesel which will only get more expensive.The government has formed a high powered panel to look into the issue of billions of litres of diesel being burned by the telecom industry but it does not seem to be doing anything with any urgency.

Telecom industry’s “diesel exploitation” exposed

Greenpeace released a report “Dirty Talking – A case for telecom to shift from diesel to renewable” today exposing how the subsidy on diesel has been aggressively exploited by the telecom sector, resulting in an annual loss of around Rs 2600 crore to the state exchequer (1).

The report builds on the previous industry and government research which show that at current growth rates, the sector would require 26 billion KWh of electricity and 3 billion litres of diesel by 2012, contributing to a much larger carbon footprint than previously estimated (2).

Key findings of the report can be summarised as:

The telecom sector in India emitted over 5.6m tonnes of CO₂ in 2008 on as a result of diesel use (3).Emissions have since risen, and are likely to increase significantly with the sector’s predicted exponential growth over the next few years.

A shift in power sourcing to renewable technologies, such as solar photovoltaic, will result in a close to 300 per cent reduction in total costs (CAPEX + OPEX) for telecom operators, in comparison to a diesel generator (DG) based tower over ten years.

Failure of the industry in disclosing its carbon emissions and committing to reduction of emissions in a public and transparent manner on a consistent basis. Major telecom companies within the sector are particularly guilty of this (4).

Similarly, telecom operators have yet to shift the sourcing of their power requirements to renewable sources at scales of significance. The investment required to power the entire network towers in the country by renewable is approximately Rs 151000 crore, which is more economically feasible than diesel based network towers in the longer run (5).

Global Commodity Parabolic Price Rise Bubble or Real- Is it Really Different This Time

3 May, 2011

Fossil Fuels,Oil,World Economy and Markets

The rise in global commodity prices is fueling inflation everywhere particularly in developing countries where food and energy forms a major percentage of the inflation basket.This has forced countries like India and China to accelerate interest rate hikes to cool down inflation.Rising Food Prices has caused distress in a number of places leading to food riots in Africa and have been said to be a leading cause of the revolutions in the Middle East.Oil Prices continues to increase unabated as dollar decreases with US Money Printing.Commodities are touching new all time peaks as rising global demand,finite resources,money printing by developed countries fuel price hikes.Silver has been increasing in a parabolic manner with other commodities too showing heart-stopping jumps in prices.The rise in global wheat,rice prices has been at a record as well.Almost all commodities have seen sharp prices increase.

Grantham has made a famous call that the rise in commodities is not a cyclical phenomenon but a secular long term one.He says that the rise in commodity prices is different from the past.Note Grantham has done an extensive study of bubbles and is one of the leading minds in the investment community.While every time in the past,the statement “this time is different” has led to a crash,Grantham’s call cannot be taken lightly.He says that the rise in population,shortage of resources,the growing consumption power of massive chunks of prosperous citizens in India and China will lead to a continued surge.Note commodity prices have declined secularly in the last century and since 2000 have managed to erase all their losses to form new peaks.Grantham also says there is a possibility of a massive short term decline which will give a historic opportunity to load on commodities.Jim Rogers is the most famous commodity bull and now Grantham has joined him.Note famous hedge fund managers have already made huge bets on gold and are winning currently.Note CIA and German Military are already on the record for calling Peak Oil which would lead to a drastic fall in living conditions worldwide as the global growth fueled by cheap fossil fuels sees an end

List of Oil & Gas Companies in India – Growing Rapidly despite Bankrupt Energy Policy

22 Apr, 2011

Energy,Gas,Oil,PSU

BPCL Refinery

India’s Oil and Gas Industry has an interesting mix of Oil & Gas companies from the government and private sector.Except for some companies providing ancillary and drilling services,most of the companies are huge with billion dollar balance sheet and huge operations as is the case with the Oil and Gas Industry worldwide.Except for Reliance Industries,the upstream sector of oil and gas production and distribution is dominated by government owned companies which are heavily regulated.Despite attempts at liberalizing the APMC and the operations of the PSU Oil Companies,HPCL,BPCL and IOC run billions of dollars in losses as they are forced to sell oil and gas products at below their cost.The government’s policies are mostly ad-hoc compensating these companies through bonds and money transfers.It is quite strange as the minority investors are forced to pay for government subsidies for energy.India’s Oil Subsidies has led to the flourishing of a massive Oil Mafia which does not think twice before killing government officials and has led to poor outcomes for the country.Despite this government stupidity,some government companies like GAIL,OIL India and ONGC which operates in the production and have to bear less of the subsidy burden have grown and performed admirably.In the private sector companies like Reliance,Aban,Great Offshore,Essar have managed to grow rapidly as well with varying degrees of success.Here is the list of the major Oil and Gas Companies in India.

Reliance Industries - The Flagship Company of the Ambanis and India’s largest Private Company Reliance Industries is also an Oil and Gas Giant .The Company has seen very sharp growth in the last decade and is diversifying into Retail.With a market cap exceeding $30 billion it is India’s most valued company.The company is also one of the biggest exporters in India with one of the largest petrochemical and oil refining complexes in the world at Jamnager.It recently sold a stake in its valuable Godavari Basin to BP for a whopping $7.5 billion.Extremely cash rich with a horde of more than $15 billion,it has started on empire building through ventures in Finance ( DE Shaw) ,Communications (buying of wirelss broadband spectrum),Shale Gas Buys in the USA,Hospitality (Buying up stakes in Hotel Companies).
ONGC Corp – With a market cap of Rs. 235,000 crores ONGC ranks 3rd in Oil & Gas Exploration & Production (E&P) Industry globally .It cumulatively produced 803 Million Metric Tonnes of crude and 485 Billion Cubic Meters of Natural Gas from 111 fields. ONGC’s wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 40 Oil & Gas projects in 15 countries. The company earned a revenue of approx Rs. 20,000 crores with net profit margin of 34% in Dec’10.It holds largest share of hydrocarbon acreages in India & contributes over 79 per cent of Indian’s oil and gas production. Created a record of sorts by turning Mangalore Refinery and Petrochemicals Limited (MRPL) around from being a stretcher case at BIFR to the BSE Top 30, within a year.
GAIL India – GAIL (India) Limited, is India’s flagship Natural Gas company, integrating all aspects of the Natural Gas value chain right from exploration to marketing.It emphasizes on clean fuel industrialization, creating a quadrilateral of green energy corridors that connect major consumption centers in India with major gas fields, LNG terminals and other cross border gas sourcing points. With a market cap Rs. 58,000 crores GAIL is expanding its business to become a player in the International Market. . The revenue earned was 24,000 crores (2009-10) with a net profit margin of 11%.The business has achieved laying of Natural Gas high pressure trunk pipeline, LPG Gas Processing Units & Transmission pipeline network, oil and gas Exploration blocks, OFC network offering highly dependable bandwith for telecom service providers etc. GAIL has been entrusted with the responsibility of reviving the LNG terminal at Dabhol as well as sourcing LNG.GAIL is one of the best performing stocks in the Energy Industry in India in the last couple of years.It is a well managed fast growing company in one of the best sectors in India with high competitive barriers.
Cairn India - With a market cap Rs. 66,000 crores, Cairn India is now one of the biggest private exploration and production companies currently operating in the region. A subsidiary of the British company Cairn,its growth has been nothing short of phenomenal after winning a bid to explore oil blocs in Rajasthan in the NELP. Cairn India’s strategy is to establish commercial reserves from strategic positions in order to create and deliver shareholder value. The company operates the largest producing oil field in the Indian private sector and has pioneered the use of cutting-edge technology to extend production life. The company has set up a Processing terminal in Barmer (Rajasthan) to process the crude from fields. A pipeline has also been constructed to transport the crude from Barmer to Bhogat in the Gujarat coast. The pipeline section from Barmer to Salaya is operational and sales have commenced to Essar, RIL and IOC.Cairn India has recently agreed to be taken over by London listed India’s largest Mining Group Vedanta though the approval is still awaited from the government of India.It is the second largest Oil and Gas private company listed on the Indian stock exchange.
BPCL – BPCL is alongiwth HPCL and IOCL, a major distributor of petroleum,cooking gas and diesel in the Indian market The company has a market capitalisation of Rs. 21,000 crores. on revenues of Rs. 36,000 crores with a net profit margin of 0.5%.The company’s low margins and abysmal stock price performance is due to the government control which forces it to sell at below cost leading to huge losses and curtails capex for growth.Despite noises of liberalization,nothing has come about with increased global crude prices increasing the losses greatly.Bharat Petroleum produces a diverse range of products, from petrochemicals and solvents to aircraft fuel and speciality lubricants and markets them to hundreds of industries and several international and domestic airlines.
Indian Oil Corporation Ltd (IOCL) – The company covers the entire hydrocarbon value chain – from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas, marketing of natural gas, and petrochemicals. With a market capitalisation of Rs. 75,000 crores, it is in the Fortune ‘Global 500′ listing, ranked at the 125th position in the year 2010. IndianOil closed the year 2009-10 with a sales turnover of Rs. 271,074 crore and profits of Rs. 10,221 crore. IndianOil and its subsidiary (CPCL) accounted for over 48% petroleum products market share, 34.8% national refining capacity and 71% downstream sector pipelines capacity in India. IndianOil is currently investing Rs. 47,000 crore in a host of projects. The IndianOil Group of companies owns and operates 10 of India’s 20 refineries with a combined refining capacity of 65.7 million metric tonnes per annum. IndianOil’s cross-country network of crude oil and product pipelines, spanning 10,899 km and the largest in the country, meets the vital energy needs of the consumers in an efficient, economical and environment-friendly manner.Like IOCL it is also suffers from government mal-interference and not a good investment.
Hindustan Petroleum Corp. Ltd (HPCL – One of the smalled of the major Oil and Gas PSUs with a market capitalisation of Rs. 11,000 crores. The company owns and operates the largest Lube Refinery in the country producing Lube Base Oils of international standards, with a capacity of 335 TMT. This Lube Refinery accounts for over 40% of the India’s total Lube Base Oil production. It has two major refineries producing a wide variety of petroleum fuels & specialties, one in Mumbai (West Coast) and the other in Vishakapatnam, (East Coast). HPCL’s vast marketing network consists of its zonal & regional offices facilitated by a supply & distribution infrastructure comprising terminals, pipeline networks, aviation service stations, LPG bottling plants, inland relay depots & retail outlets, lube and LPG distributorships. HPCL accounts for about 20% of the market share and about 10% of the nation’s refining capacity. The revenue earned was around Rs. 34,000 crores with a net profit margin of 0.6% in Dec’10.
Oil India Ltd.- With a market capitalisation of Rs. 31,000 crores, OIL is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It became a wholly-owned Government of India enterprise in 1981. The revenue earned by the company was 2,400 crores & with a net profit margin of 36% in Dec ’10. Very similar in profile to ONGC it presently produces over 3.2 million tons pa of crude oil, Natural Gas and over 50,000 Tones of LPG annually. Most of this emanates from its traditionally rich oil and gas fields concentrated in the Northeastern part of India and contribute to over 65% of total oil & gas produced in the region. It has emerged as a consistently profitable international company with exploration blocks as far as Libya and sub-Saharan Africa.
Petronet LNG Ltd. - It was formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India’s leading oil and natural gas industry players. The promoters are GAIL, ONGC, IOCL & BPCL. The company has a Market cap Rs. 9,000 crores. The revenues earned in Dec’10 was approximately Rs.3,600 crores with a net profit margin of 5%.

Other companies which deserve a mention are Essar Oil,Essar Energ,Aban Offshore,Chennai Petroleum,Gujarat State Petroleum,Indraprastha Gas,Gujarat State Petronent LNG

India’s Fossil Fuel Policy – Story of Corruption,Waste,Mafia Growth

India’s Fossil Fuel Subsidies have led to a massive growth of the petrol and diesel mafia in the country.India gives subsidies on diesel,kerosene and cooking gas through its state owned petro/gas companies like BPCL,IOCL,HPCL etc.These subsidies have been given for a long time and have led to the growth of a parallel black economy in these products.They not only lead to capital misallocation but also to the massive illegal profits for a few.It is a well known fact that all petroleum pump owners adulterate petroleum ( which power most of the cars) with subsidized diesel and kerosene.This massive racket earns millions of dollars (if not billions) for a network of company officials,pump owners,government bureaucrats and politicians.The mafia is so strong and powerful that it thinks nothing of burning alive a senior police official.The racketeers are so rich and well connected that despite common knowledge nothing gets done about it.

In 1961, it became a joint venture company between the Indian Government and Burmah Oil Company Limited, UK.

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