State-run Oil and Natural Gas Corporation (ONGC) will shortly farm out nearly 26 per cent stake in its KG-DWN-2004/6 block in the Krishna-Godavari basin to Japan's Inpex Corporation.
Reliance concealed and did not reveal the data to ONGC.
The company will invest $747 mn to increase production from D1, D3 and MA fields.
Likely to drill three additional exploration wells in the block before the end of 2010.
After a long wait for government approval, Reliance Industries (RIL) is to begin work on development of four satellite fields -- D-2, D-6, D-19 and D-22 -- in India's largest gas field, block D6 in the Krishna-Godavari basin, or KG-D6.
US energy major Chevron Corp will buy upto 40 per cent stake in Reliance Industry's gas rich D-6 block in KG Basin and become a co-promoter of its new export oriented refinery.
Oil and Natural Gas Corp is in talks to hire Reliance Industries' unutilised production facilities on the east to quickly bring to production its gas finds in the Krishna Godavari basin.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
The Mukesh Ambani-led Reliance Industries Ltd (RIL) might take a write-down on the KG-D6 block.
Reliance Industries Ltd (RIL) on Wednesday asserted in the Supreme Court that it did not receive any favour from the government in the contract for exploration of oil and gas from Krishna-Godavari basin.
Norway-based Aker Solutions, appointed by ONGC to explore the possibility of sharing RIL's infrastructural facilities on the East Coast, is expected to submit its final report next month, sources close to the development said.
The newer gas finds will help turn the tide for ONGC, which has seen oil and gas output stagnating in recent times.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
This week's collection of stories that prove we live in a truly mad, mad world.
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
Indian oil and gas exploration companies work in silos.
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
Saturday marks the Zoroastrian New Year or Navroze. Coomi Selod shares with us these special recipes that are prepared on this special day.
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