Dudley, whose company last year made the largest foreign direct investment in the oil sector, followed it up with a meeting with Finance Minister P Chidambaram.
Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
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.
RIL-BP currently produce gas from Dhirubhai-1 and 3 field and oil and gas from MA field, three of the over one-and-half dozen discoveries made in KG-D6 block
There would be 'no surge in energy demand as India industrialises.
BP Plc, Europe's second biggest oil company, and Reliance Industries will invest $5 billion in developing untapped gas reserves in the KG-D6 block, aimed at reversing the fall in gas production, RIL statement said on Tuesday.
Chairman of Reliance Industries Ltd Mukesh Ambani and his younger brother Anil today met Home Minister P Chidambaram separately at his North Block office within a span of 50 minutes.
Reliance Industries Ltd on Monday reported a 5 per cent fall in the net profit for the July-September quarter, as weak oil refining and petrochemical business hurt operational performance.
BP will pay $7.2 billion for 30 per cent stake in exploration blocks.
RIL, its partner BP plc of UK will invest about Rs 6,000 crore (Rs 60 billion) by 2016 to help sustain and improve recovery from the two main gas fields.
An Oil Ministry-controlled oversight panel that overseas operations at KG-D6 fields, today decided to approve annual operating and capital expenditure for fields that has been pending for past three years, sources said.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
The ministry had previously wanted to disallow $1.235 billion expenditure that RIL had incurred on putting production facilities at the Bay of Bengal gas fields but in the 7-page notice it sent to the company on May 2, the cost to be disallowed was put at $1.462 billion, sources privy to the development said.
The Reserve Bank has notified that all transfer of stake or interest in an oil and gas field to non-residents will be treated as FDI and will have to be reported under Foreign Exchange Management Act (FEMA).
Billionaire Mukesh Ambani-run Reliance Industries Limited began gas production from the Krishna-Godavari basin in April, 2009, and its 60 million standard cubic metres per day output led to a 75 per cent jump in natural gas availability in the country to 140 mmscmd.
Minister of State for Petroleum and Natural Gas Jitin Prasada, who led the roadshows in the US and Canada, said the roadshows for 70 blocks offered in NELP-VIII and 10 coal bed methane blocks received overwhelming response from investors.
State-owned Oil and Natural Gas Corp has bid for Russia's Trebs and Titov oilfields and is pitted against local giant LukOil and a venture owned by energy major BP Plc for rights to develop the giant reserves.
At market close, the oil-to-telecom conglomerate's market capitalisation (m-cap) zoomed to Rs 10,01,555.42 crore on BSE.
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 on Monday received 181 bids from global and domestic oil majors, including ONGC, Reliance Industries, Essar, BP Plc and BHP Billiton, for oil and gas exploration blocks under the seventh round of NELP auction.
Govt's move will facilitate entry of global giants such as Total SA of France, Saudi Arabia's Aramco, BP Plc of the UK, and Trafigura's downstream arm Puma Energy.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
The Delhi high court has rejected a government challenge to an arbitration panel award that had ruled in favour of Reliance Industries Ltd in a dispute over gas migration from fields operated by state-owned ONGC in the KG basin. The government had slapped a provisional penalty of $1.55 billion on Reliance for "unjust enrichment" from gas migrating from the ONGC-operated KG-D5 block to the private firm's adjoining KG-D6 area. It had sought $175 million in additional profit petroleum from Reliance and its UK partner BP Plc.
India's crude oil production fell 2.3 per cent in August but natural gas output rose by more than a fifth on the back of output from KG-D6 fields of Reliance-BP, government data released on Wednesday showed. Crude oil production dropped to 2.51 million tonnes in August as output from fields operated by state-owned Oil and Natural Gas Corp (ONGC) dipped. India is 85 per cent dependent on imports to meet its oil needs and the government has been for long looking at ways to raise the domestic output so as to reduce import dependence.
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.
India has rejected a request from BP Plc to be allowed to sell jet fuel to the booming aviation market.
India's production of crude oil, which is refined to produce petrol and diesel, continued to decline in November, with lower output from state-owned firms leading to an over 2 per cent drop, official data released on Tuesday showed. Crude oil production in November was 2.43 million tonnes, down from 2.48 million tonnes a year back and 2.5 million tonnes in October 2021. Oil and Natural Gas Corporation (ONGC) produced 3 per cent less crude oil at 1.6 million tonnes in November due to delays in mobilising equipment at western offshore fields.
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.
Oil Minister Murli Deora flew into the Vietnamese Capital this morning with heads of bluechip Indian oil firms to lay a claim with Hanoi on BP's stake in two offshore gas fields, a pipeline and power project -- together referred as Nam Con Son, Vietnam's largest gas project.
CNG and piped cooking gas prices in cities such as Delhi and Mumbai may be hiked by 10-11 per cent next month as the government-dictated gas price is set to rise by about 76 per cent, ICICI Securities said in a report. The government, using rates prevalent in gas-surplus nations, fixes the price of natural gas produced by firms such as state-owned Oil and Natural Gas Corp (ONGC) from fields given to them on nomination basis, every six months. The next review is due on October 1.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, were on Friday hiked by a steep 40 per cent to record levels, in step with global firming up of energy rates. The rate paid for gas produced from old fields, which make up for about two-thirds of all gas produced in the country, was hiked to $8.57 per million British thermal units from the current $6.1, according to an order from the oil ministry's Petroleum Planning and Analysis Cell (PPAC). Simultaneously, the price of gas from difficult and newer fields like the ones in Reliance Industries Ltd and its partner bp plc operated deepsea D6 block in KG basin, was hiked to $12.6 per mmBtu from $9.92, the order said.
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.
Mukesh Ambani, who took over the reins of Reliance Industries Ltd (RIL) after the sudden demise of his legendary industrialist father Dhirubhai Ambani, completes 20 years at the helm during which the company saw a 17-fold jump in revenues, 20-times surge in profit and has become a global conglomerate.
RIL estimates output from KG-D6 could reach up to 60 mscmd in the next five years, when all satellite fields are brought into production.
Prices of natural gas, which is used to generate electricity, make fertiliser and is converted into CNG to run automobiles, is likely to rise to record levels at the rate review scheduled this week, sources said. The government-dictated price for natural gas produced in the country is to be revised on October 1. After factoring in the spike in energy prices witnessed in recent months, the rate paid for gas produced from old fields such as of state-owned Oil and Natural Gas Corporation (ONGC) is likely to rise to $9 per million British thermal units from current $6.1.
Bucking the overall downtrend, shares of RIL rallied nearly 10 per cent, capping the Sensex loss to a large extent.
Reliance announced a rights issue of Rs 53,125 crore, which it said was the biggest in India.
Reliance Industries Ltd on Thursday announced a Rs 75,000 crore investment in new energy business over the next three years as the operator of the world's largest oil refinery pivots towards a greener and cleaner version. Reliance will build solar manufacturing units, a battery factory for energy storage, a fuel cell-making plant and an electrolyzer unit to produce green hydrogen as a part of the business, chairman Mukesh Ambani said at the company's annual general meeting with shareholders on Thursday. It will also set up 100 gigawatts (GW) of solar power generation capacity by 2030 and invest in setting up a carbon fibre plant.
The possible acquisition of Holcim India business will be one of the biggest inbound corporate deals in the country. Currently, Walmart Inc.'s $16-billion acquisition of Flipkart Online Services in 2018 remains the biggest acquisition of an Indian asset by any acquirer, followed by BP plc acquisition of 30 per cent stake in Reliance Industries' 23 oil and gas production blocks in 2011 for $7.2 billion. Bloomberg reported late on Wednesday night that Holcim - the world's biggest cement maker - is considering a potential sale of its India business and gauging interest in its controlling stake in Ambuja Cement.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances