Reliance Industries found huge natural gas reserves in the very first well it drilled, which subsequently proved to be the world's second largest deepwater discovery in the last decade.
A Committee of Secretaries will meet on July 6 to discuss pricing of natural gas to be produced from Reliance Industries' block off the east coast and whether the Centre should take its share in cash or kind.
Higher price will lead to hike in fertiliser subsidy while a lower price will hit returns.
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.
Oil and Natural Gas Corp, which had last year firmed up an investment of Rs 34,012 crore (USD 5.076.37 billion) in bringing to production 10 oil and gas discoveries in its Bay of Bengal block KG-DWN-98/2 (KG-D5), plans to invest another Rs 21,528.10 crore (USD 3.2 billion) in developing the ultra-deepsea UD-1 find.
Originally, the company had planned to invest $2.47 billion to produce 40 mmscmd gas. However, with rig prices going up and more reserves being found in the block the company raised the capex and the planned output.
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.
Reliance Industries will have to provide a bank guarantee of $135 million every quarter to get a higher price for natural gas from April 1 next year.
The agency would probe whether Sibal had shown undue favour to RIL.
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.
Mukesh Ambani-led Reliance Industries Ltd announced on Tuesday a new crude oil discovery in the Krishna Godavari basin off the Andhra Pradesh coast.
Anil Ambani Group firm Reliance Fuel Resources Ltd has sought government permission to lay a Rs 16,000-crore (Rs 160 billion) pipeline to take natural gas from Reliance Industries-operated field off the Andhra coast to its power plant at Dadri in UP.
Companies to hold rates in Delhi until new government is formed.
Reliance Industries on Monday said it has no plans to spin off its Krishna Godavari gas field into a separate company and rope in a strategic partner.
The reduction in natural gas prices would mean lower raw material cost for compressed natural gas (CNG) and natural gas piped to households (PNG).
The Cabinet Committee of Economic Affairs has approved a hike in gas prices from April 2014.
Sachin Bansal, who had co-founded Flipkart with Binny Bansal in 2007, would exit the company
If approved, gas price will rise to $6.775 per million British thermal unit from $4.2 currently.
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.
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.
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.
Oil and Natural Gas Corporation has made a huge gas find in the Krishna Godavari-Basin, ONGC Director Offshore Operations N K Mitra said in New Delhi on Friday.
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.
Cabinet may tweak Rangarajan formula; new price may be further delayed.
Transparency International, a non-profit organisation fighting against corruption and malpractices, gave Reliance Industries and ONGC ninth and 26th positions, respectively, in its latest report Transparency in Corporate Reporting.
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.
Isha and Akash, 23, were appointed to the boards of Reliance Jio Infocomm Ltd and Reliance Retail Ventures Ltd, the company said.
Indian oil and gas exploration companies work in silos.
Reliance Industries Ltd has filed with the government a multi-billion dollar plan to develop the gigantic D6 gas field off the Andhra Pradesh coast, with production starting in August 2006.
Based on a petition filed by Palem Srikanth Reddy, president of the Jana Palana Party, a division bench comprising justices G Rohini and T Sunil Chowdary issued notices and posted the matter on April 2 for further hearing.
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.
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.
Media has raised the issues that new pricing to benefit Reliance Industries.
Goyal's statement comes in the wake of RGPPL board giving its approval last month for the conversion of debt into equity equivalent to interest dues of Rs 405 crore (Rs 4.05 billion).
Year 2013 saw business leaders facing the ire of hostile investigative agencies.
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.
UBS said RIL's $10 billion petchem capex by 2016 will drive 12 per cent volume CAGR.
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