Date:29/09/2004 URL: http://www.thehindubusinessline.com/2004/09/29/stories/2004092901100200.htm

Back McPhar, Alcock join hands for oil, mineral surveys

Our Bureau

Kolkata , Sept. 28

MCPHAR Geo Surveys Ltd of Toronto has floated a joint venture company in the city, jointly with W.J. Alcock & Co (P) Ltd.

The joint venture company, named Alcock McPhar Geotech (P) Ltd (AMG), will conduct airborne surveys in the fields of oil, natural gas and a wide range of minerals including diamonds and gold. In the newly incorporated company, McPhar will have a 75-per cent equity stake, leaving the balance to its local partner.

In fact, W. J. Alcock was McPhar's representative in India, and now has become a partner of the joint venture to explore the huge potential of the domestic market. Announcing the formation of the company, the Managing Director & CEO of AMG, Mr Sudipto Mukherjee, told newspersons that the market for geophysical exploration in the country is going to be on the upswing for at least the next decade

Currently, about 60 mining companies from around the world are keen on prospecting for a range of minerals in India.These companies, which are planning to invest about Rs 3,500 crore through their Indian subsidiaries, have received the clearances from the Foreign Investment Promotion Board.

Mr Mukherjee said that India had not yet been thoroughly examined for possible oil deposits, as exploration had taken place in only about one-quarter of the country's 26 sedimentary basins. Offshore basins covered about 380,000 square kilometres (km) and onshore basins covered about 1.34 million square km. kilometresThese basins might contain as much as 30 billion tonnes of hydrocarbon reserves.