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.
British oil major BP Plc on Thursday signed an agreement with state-run Hindustan Petroleum Corp Ltd to negotiate a stake in HPCL's Rs 12,000 crore (Rs 120 billion) Bhatinda refinery in Punjab.
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
Though all the regulatory and ministerial approvals are yet to come in, two working groups with specific mandates have been set up.
rediffGURU Dr Vinod Kumar offers advice on how to take care of your kidneys.
Due to poor hydrocarbon prospects, BP surrendered nine out of the 21 oil and gas blocks where it had bought 30 per cent stake from Reliance Industries for $7.2 billion
'If something happens to Arvind Kejriwal, not just the whole country, even God will not forgive BJP'
rediffGURU and wellness expert Roopashree Sharma tells you how you can use natural methods to improve your health.
It may be recalled that India had played a Test each against England and Australia at Mumbai in December last year, winning them by 347 runs and eight wickets respectively.
All current staff of BPCM is expected to transfer to the new owners under equivalent terms and conditions.
The billion dollar penalty of the kind imposed on BP will not deter risky operations but it will hopefully create an incentive for stricter safety measures.
Sources said the Cabinet had in December last year stipulated that the new gas rate will apply to all producers excepting eastern offshore KG-D6 block where the contractor, which is fighting government against levying penalties for output shortfall, will have to give bank guarantees equivalent to the incremental revenue it would get from the new rates.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
IndiGo share price today: IndiGo share price fell as much as 4.8 per cent to a low of Rs 4,275 per share on the BSE in Monday's intraday trade as investors booked profit in the stock post a its April-June quarter (Q1) results for financial year 2024-25 (FY25). The stock ended 1.36 per cent lower at Rs 4,430 as against a 23-points gain in the benchmark BSE Sensex. The selling also got exacerbated as the management commentary, post Q1FY25 results, highlighted that inflationary pressure could likely dent July-September (Q2FY25) performance.
The civic officials were involved in making forged entries in the inward register on May 26, a day after the incident, pertaining to the impact plan of the TRP game zone. The entry was shown as having been made on May 4, 2024, the police said.
SBI Cards & Payment Services reported mixed results for the January-March quarter (Q4) of FY24. While it managed to deliver strong earnings growth, it saw a perceptible decline in net interest margin (NIM) and suffered deteriorating asset quality. Taken together, the market was disappointed with the share dropping 3.5 per cent.
India on Thursday won Vietnam's support for its bid for crisis-hit BP Plc's energy assets in the South Asian country, as Hanoi stressed BP must give priority to its partners in the stake sale.
BPCL is a high revenue-earning public-sector undertaking (PSU) and plans to privatise it are completely off the table, Petroleum and Natural Gas Minister Hardeep Singh Puri said on Tuesday after assuming charge of the ministry for the second time. "Why would we divest ourselves of highly successful Maharatnas like BPCL," Puri said, arguing the Centre was not in favour of divesting its stake in oil PSUs.
Assam's flood situation remained critical on Tuesday with over 6.71 lakh people affected in 20 districts in the second wave of flooding this year, as the Indian Air Force (IAF) rescued 13 stranded fishermen from the severely-hit Dibrugarh district, an official said.
I did not take up research for any award.' 'What is more important is the medicine that I have developed.' 'This helps the patient recover and the family is happy that their relative has survived and they go back to their lives.
Most analysts have downgraded the stock of SBI Cards and Payments (SBI Card) as the credit card issuer posted weak results during the December quarter (Q3) of financial year 2023-24 (FY24). The sub-par show, analysts said, was for the eighth straight quarter. With this, they have slashed their earnings estimates by as much as 20 per cent over FY24-26 amid near-term pressure points in the company's growth outlook.
SBI Q3FY24 result review: A higher-than-factored weakness in the October-to-December quarter (Q3) results of State Bank of India (SBI), for financial year 2023-24 (FY24), has prompted brokerages to cut earnings estimates for the ongoing financial year. They, however, have maintained 'Buy' ratings on the stock, revising target price upwards in some cases, owing to the stock's recent underperformance relative to its peers.
After nearly five months wait, the government on Friday cleared UK's BP Plc buying 30 per cent stake in most of Reliance Industries' oil and gas blocks, including the showpiece KG-D6 gas fields, for $7.2 billion.
It also said that the Indian public was "not gullible or silly".
RIL will get $ 7.2 billion for the stake sale in 21 blocks and could get further $1.2 billion as performance payments based on exploration success resulting into development of commercial deliveries.
The world's third largest energy firm BP Plc has rubbished India's claims that oil speculators are responsible for a global surge in crude oil prices, saying high prices were a result of production struggling to keep pace with the demand.
T N Ninan writes on how the United States is handling the BP oil spill disaster and what India needed to do in the horrific Bhopal gas tragedy.
Cabinet Committee on Economic Affairs had on July 22 cleared the sale of stake by RIL to BP in 21 blocks.
Although the Oil Ministry has the authority to decide on Reliance selling 30 per cent interest to BP in 23 exploration blocks, including the prize eastern offshore KG-D6 gas fields, the ministry on Tuesday decided to refer the deal to the CCEA, sources privy to the development said.
The government last month announced freeing of auto fuel prices from its control, resulting in a Rs 3.50 per litre hike in petrol prices as domestic rates got linked to global movements.
Please get up and walk for five minutes every 1 to 2 hours, advises rediffGURU Nidhi Gupta.
ONGC Videsh Limited, overseas investment arm of state-run Oil and Natural Gas Corporation, wants to buy BP's 35 per cent stake in the $1.3 billion Nam Con Son gas project in Vietnam.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
Shares of Indian software majors have plunged into red on news that BP would cut its spend on information technology.
rediffGURU Dr Vinod Kumar, a consultant kidney health specialist at Aster RV Hospital, Bengaluru, tells you how you can take care of your kidneys.
British energy giant BP Plc plans to tap rural India with cheap and clean fuel sources besides expanding its solar power business and cooperating in exploration, refining and marketing of fuels.
A market-based gas pricing regime is to kick-in from next month.
Reliance Industries Ltd, along with its partner British Petroleum, plans to invest about Rs 800 crore (Rs 8 billion) to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast.
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