RIL is considering this deal as part of a long-term strategic move as the company needs a partner for the level of deepwater drilling that is required at this particular block, industry sources said on condition of anonymity. The potential partners could be among the global energy giants like ExxonMobil, Shell, BP, Total and Petrobras, as these are the companies with required expertise, sources said.
Oil explorer Cairn Energy Ltd has said it would invest $90 million, along with its joint venture partners, over the next nine months toward drilling activity at Ravva, the offshore oil and gas field in the KG Basin.
Shares of Reliance Industries plunged on Friday after a court ruling that the Mukesh Ambani-led company can not sell its KG basin gas to any company except NTPC and Anil Ambani group's Reliance Natural Resources.
$5.2bn will be spent on gas production, while a larger chunk of $7bn on building gas pipes.
Last month, the government approved the proposal of doubling gas price from RIL's KG basin from $4.2 mmbtu to $8.4 mmbtu from April 1, 2014.
Indian Oil Corporation on Friday said it plans to invest about Rs 2,000 crore in a joint venture with Reliance Industries for retailing natural gas to households and automobiles.
Oil and Natural Gas Corporation and Mukesh Ambani-controlled Reliance Industries may tie up to build a common gas processing unit as the two firms have discovered huge reserves in the Krishna-Godavari basin
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.
BG Group of UK is planning to buy stake in ONGC's oil and gas blocks.
Britains' Cairn Energy has offered to sell its stake in two oil and gas blocks in Krishna Godavari basin to Oil and Natural Gas Corporation for $100 million and 15 per cent equity in state-run firm's two blocks.\n\n\n\n
The move is likely to force the government to take a faster decision.
The Congress on Monday sought a discussion on the latest report of the CAG, listing alleged irregularities in Gujarat State Petroleum Corporation's KG basin gas project and forced three adjournments in Rajya Sabha in the pre-noon session demanding a response from Prime Minister Narendra Modi.
With two of its clusters - R-Series and Satellite Series - likely to start production in the next two years, the company looks to turn around production from this business.
Corporate legal cases kept India Inc on its toes in 2014 as high stake matters on coal, telecom and mining came up in the Supreme Court, which also sent Sahara Group chief Subrata Roy to jail.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
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'.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
The session of Rajya Sabha came to an end on Friday after passing 12 bills and wasting 19 hours due to disruptions over various issues like imposition of President's rule in Uttarakhand and AgustaWestland helicopter deal controversy.
A Texas company will submit a report by June on whether a company controlled by RIL 'stole' natural gas from the wells where ONGC is contracted to operate in the KG basin, as alleged by ONGC.
The apex court on March 31 named Spigelman as the third Arbitrator who shall act as the Chairman of the Arbitral Tribunal whose two other members are former Chief Justices of India -- S P Bharucha and V N Khare.
Around Rs 40,000 crore (Rs 400 billion) investment in the power sector is in limbo for want of government decision on allocation of natural gas to the proposed electricity stations.
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
A better system of operating central and state PSEs, and indeed all commercial activities of the government, would require eliminating the current system that oversees them.
Oil and Natural Gas Corporation had in 2007 farmed out 15 per cent stake in the KG-DWN-98/2 block, which sits next to Reliance Industries' KG-D6 block, to Brazil's state-controlled oil firm Petroleo Brasileiro SA or Petrobras.
The length of the main trunk pipeline is 1,385 km from Kakinada to Bharuch and 75 km is the length of the spur lines.
The Prime Minister's Office on Thursday forwarded to Oil and Petroleum Ministry a letter written by Delhi Chief Minister Arvind Kejriwal in which he has demanded that the decision to hike gas price extracted from KG basin be kept in abeyance till completion of a probe into the issue.
Oil Min rejects RIL arbitration notice.
The oil ministry is rejecting the monetisation of new discoveries as their production will not be viable at the present price of $4.2 per mmbtu
Congress on Tuesday cautioned against probe "inspired by political vendetta", as Delhi Chief Minister Arvind Kejriwal ordered filing of an FIR against its party leader and Petroleum Minister M Veerappa Moily alleging collusion in hike in prices of natural gas from KG basin.
12 AAP MLAs went to Raj Niwas, the LG's residence, at around 11.30 am with the demands. They later claimed that Jung 'refused' to meet them, but the LG secretariat said Jung's schedule was already prepared for the day and procedures have to be followed for seeking an appointment.
Benchmark share indices ended flat amid lack of investor participation even as gains in IT majors ahead of their second quarter earnings helped capped downside.
The withdrawal of the arbitration will now entitle the two companies to marketing and pricing freedom on the natural gas they produce from newer fields in the deep sea at an investment of Rs 40,000 crore by 2022.
All cases that were registered last year during will be pursued.
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
Launching a fresh broadside at Oil Minister M Veerappa Moily, CPI leader and MP Gurudas Dasgupta on Tuesday said no action has been taken against Reliance Industries for deliberately keeping natural gas output low and is instead being rewarded by a steep hike in prices.
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