The Delhi high court (HC) division Bench on Thursday sought a response from Reliance Industries (RIL) and others regarding the government's appeal against the Mukesh Ambani-owned conglomerate and others for fraudulently and unjustly enriching themselves by draining gas from their deposits, amounting to over $1.5 billion. The Centre had appealed against the single-judge Bench order of the Delhi HC on May 9, which had dismissed its petition. Justice Anup Jairam Bhambhani had upheld the international arbitration award of July 24, 2018, in favour of the RIL-led consortium. The consortium includes UK-based BP Plc and Niko Resources of Canada.
Reliance Industries Ltd has discovered huge oil reserves in its gas-rich D6 block in Krishna Godavari basin off the east coast, its minority partner Niko Resources of Canada has said.
The Krishna-Godavari (K-G) basin may prove to be a much bigger play for Reliance Industries Ltd. This follows the announcement that its D4 block could hold twice the reserves of the in-production D6 block to the north.
A day after Reliance Industries Ltd announced sale of 30 per cent interest in its 23 oil and gas blocks, Canada-based Niko Resources, RIL's partner in three fields - D6, NEC 25 and D4 - on Tuesday said it has the option to increase its stake in the fields by up to 30 per cent from current working percentages.
Reliance Industries Ltd has found new natural gas reserves in Krishna Godavari basin D6 block off the east coast, the company's minority partner Niko Resources has said.
Reliance Industries Ltd and its Canadian partner Niko Resources will invest over $2 billion in bringing to production their gigantic gas field in the Bay of Bengal and laying pipelines to transport the fuel.
RIL is keen to hike gas price from April 2014 but due to some technical glitches, it may not be able to pass on burden of high production cost to customers.
Reliance Industries' flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said.
The government nod to Reliance Industries selling 30 per cent stake in its oil and gas blocks such as eastern offshore KG-D6 to London-based BP Plc for $7.2 billion hinges on no-objection certificate (NOC) from Canada's Niko Resources and UK's Hardy Oil and Gas.
Reliance Industries, which has proposed to invest $1.5 billion more in developing satellite gas finds in the prolific KG-D6 block, will drill six wells this year.
Reliance Industries has found natural gas reserves in a well drilled on its NEC-25 block in Mahanadi basin, off the Orissa coast, the company's junior partner Niko Resources of Canada said on Friday.
Bangladesh's Anti-Corruption Commission has formally pressed charges against detained former premier Khaleda Zia for allegedly contracting out several gas fields to a Canadian oil company in exchange for kickbacks.
RIL, which holds 90 per cent interest in KG-D6, paid $2.47 million while Niko Resources of Canada paid USD 274,767 in profit petroleum for the April-June quarter, officials said.
Reliance Industries has put the cost of producing natural gas from its prolific Krishna Godavari basin fields at $2.9 per million British thermal unit and the firm will earn a pre-tax return of 13 per cent.
The government on Tuesday clarified that no papers of sensitive nature were ever given to Mukesh Ambani-run RIL or its Canadian partner Niko Resources, and added they were provided only those papers needed to implement the decision on pricing of natural gas from their field.
Current operations on Cambay include completing the planning for the drilling programme and construction of the three well sites for the first phase of drilling, now likely to commence in late June.
Reliance Industries Ltd will invest $8.84 billion in producing 80 million standard cubic meters per day (mmscmd) of gas from its KG-D6 block in Krishna Godavari basin.
Media reports said junior energy minister A K M Mosharraf Hossain had accepted a brand new Toyota Land Cruiser Cygnus from Niko Resources in return for delaying a multimillion dollar compensation claim.
Reliance Industries Limited has made two natural gas discoveries on the east and west coast adding to the vast hydrocarbon reserves it has found in the past few years.
Reliance Industries' gas field off the Orissa coast holds 2.3 trillion cubic feet of gas reserves, more than double the previous estimates.
The government has formed a four-member panel of secretaries to suggest a new gas pricing mechanism.
Reliance Industries plans to invest $200 to 250 million during the current fiscal in drilling new wells at its D6 gas block in Krishna Godavari basin, off the Andhra coast.
Indian Oil Corporation, the country's largest refiner, has put up a war chest of $2 billion for acquiring a medium-sized foreign oil firm to set up its own exploration and production division.
Reliance Industries has made two more gas discoveries at its prodigious D6 and NEC-25 blocks off the east coast, the company's junior partner Niko Resources of Canada announced.
Upstream regulator Directorate General of Hydrocarbons has sent notices to Reliance Industries and Niko Resources of Canada, seeking explanation as to how they arrived at the increased figure of 35.4 trillion cubic feet (tcf) of gas reserves.
The International Finance Corporation, the private sector arm of the World Bank, has signed a $40 million loan agreement with Calgary-based Niko Resources Limited for expansion of its production base in Gujarat.\n\n\n\n
Reliance Industries is on the verge of a 16th gas discovery in deep sea block D6 off the Andhra coast, and has made a sixth consecutive gas find in block NEC-25, off Orissa coast.
The government has slapped an additional penalty of $792 million on Reliance Industries for producing less than targeted natural gas from its eastern offshore KG-D6 block.
The KG-D6 fields, which began production in April 2009, hit a peak output of 69.43 mmscmd in March 2010 before water and sand ingress led to more than a third of the wells shutting down.
Post-cessation, activities related to the safe shutdown of the field are underway.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
Oil Min rejects RIL arbitration notice.
In the run up to the general election, Aam Aadmi Party had alleged that RIL's partner Niko Resources was selling KG-D6 gas in Bangladesh for half the $4.2 per million British thermal unit rate that India pays them.
Reliance Industries Ltd (RIL) said on Wednesday that the government's move to disallow it recovery of certain costs relating to the D6 gas block in the Krishna-Godavari basin (KG-D6) did not amount to a penalty and was also not in line with the contract the two had signed.
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