Sharp decline in production from flagship Krishna-Godavari basin has changed the business mix for the company.
Fortune favours the brave and he has done well by taking risks and winning it all, says Aditi Phadnis.
In its first decision, the Cabinet Committee on Investment (CCI) on Wednesday cleared Reliance Industries' producing KG-D6 block and gas discovery area NEC-25 along with 3 other areas where the Defence Ministry had either barred oil and gas activity or put stringent conditions on that.
Burdened with loans of over Rs 12,000 crore, GSPC has made an investment of Rs 7,000 cr in E&P at the block in the KG basin.
It is the only project in the world which can lift two TMC of water every day, the government said.
He also described Moily as Mukesh Ambani's agent.
According to the agreement, RuralShores, one of the largest rural BPO organisations in the country, would be establishing GMR's BPO at Kakinada SEZ in the East Godavari district of Andhra Pradesh.
The Bharatiya Janata Party has said Prime Minister Manmohan Singh owes an explanation to citizens on why Jaipal Reddy was shifted as minister of petroleum and natural gas.
The company also said it has made three oil and gas discoveries in Krishna Godavari basin and Tripura.
Videocon's Venugopal Dhoot has become the most successful maverick in oil and gas business in India.
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
The ashes of late Shiv Sena supremo Bal Thackeray were on Friday immersed in the Arabian Sea by his son and party executive president Uddhav Thackeray.
Six persons received injuries after they jumped off a running train fearing their compartment had caught fire, Railway officials said.
'It is very difficult to be an honest politician in a country where the system is absolutely corrupt. Jaipal Reddy is one up even on Prime Minister Manmohan Singh who is considered clean and honest. Reddy has gone a step ahead by playing an active role in stopping corruption. He has put things on record; he has walked the extra mile to ensure that public money is valued highly. One must recognise Reddy's efforts, and make it an example for India's younger generation.'
Analysts say the company's petrochemical segment and higher other income would boost its revenues. On an average, brokerages expect RIL's net profit to rise 12-17 per cent compared with the year-ago period.
Some were heading back to their home and some to their relatives' place. Though there was a massive deployment of security personnel and authorities only allowed students with valid ID cards inside, these measures did not assuage the concerns of students over their safety.
Two more Congress members of Legislative Assembly on Thursday appeared to be switching loyalty to YSR Congress of Kadapa Member of Parliament Jagan Mohan Reddy.
State-run Oil and Natural Gas Corporation (ONGC) will shortly farm out nearly 26 per cent stake in its KG-DWN-2004/6 block in the Krishna-Godavari basin to Japan's Inpex Corporation.
Reliance Industries is awaiting government approval for two gas discoveries it has made in the Krishna Godavari basin deep sea block, the company's junior partner Hardy Oil & Gas said.
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
RIL on April 2 shut the well A1 on the main producing fields of Dhirubhai-1 and 3 (D1&D3) in Krishna Godavari basin block KG-DWN-98/3 or KG-D6 for "reservoir build-up study," according to a status report of the Directorate General of Hydrocarbons.
Oil and Natural Gas Corp is in talks to hire Reliance Industries' unutilised production facilities on the east to quickly bring to production its gas finds in the Krishna Godavari basin.
Company indicates estimates of reserves needed to be cut.
RIL this week wrote to the ministry offering to give away 4,266 sq km of the Krishna Godavari basin block, sources privy to the development said.
Reliance Industries on Wednesday assailed reports of the Comptroller and Auditor General and expert P Gopalakrishnan, which have alleged the company got undue benefits pertaining to Krishna-Godavari basin gas and its pricing.
Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
State Tourism minister Vatti Vasant Kumar and TDP legislator Chintamaneni Prabhakar shoved each other, after an eated argument on the dais during the 'Rachabanda' (mass contact programme), they said adding the MLA was later taken into custody.
The four states and the UT registered a total of 20,701 cases on Thursday.
Labourers held a demonstration in front of the police station.
The company has been in talks with ConocoPhillips and Shell for some time. It now says the MoD's stringent norms on exploration in 'no-go' areas is posing a big challenge in taking the deal forward.
RIL had in 2006 proposed to invest $2.234 billion in developing the Dhirubhai-26 or MA discovery, the only oil find in the KG-DWN-98/3 (KG-D6) block in Krishna Godavari basin off the east coast.
Move came in the wake of government's refusal to settle the dispute through arbitration over recovery of cost incurred by the company.
Telangana Rashtra Samithi President K Chandrasekhar Rao on Sunday sought to douse the controversy over his remarks that state government employees from Rayalaseema and coastal Andhra working in Telangana should go back to their respective regions, saying no one need go anywhere.
CPI(M) Rajya Sabha Tapan Sen, in an interview to Rediff.com, explains what he believes are the irregularities committed by Reliance Industries and how UPA government has allowed it to get away with it.
The ruling Congress suffered a setback in Andhra Pradesh on Thursday as three Members of the Legislative Assembly from the coastal region quit the party in protest against the bifurcation of the state.
RIL on June 15 wrote to Oil Ministry proposing to price natural gas it produces from the Krishna Godavari basin block in Bay of Bengal at a rate equivalent to price India pays for importing liquefied natural gas, official sources said.
ONGC is set to invest Rs 440 Crore (Rs 4.4 billion) in drilling of 40 oil and gas wells in the Krishna-Godavari basin next fiscal, a senior official of the company said on Wednesday.
Biskett is likely to release in October.
Needed, it says, for covering its return and risks; also wants govt to stick to contract on output sharing
Sequel to firm's announcement of cut in K-G gas reserves after long decline in output; agency says it expects decline in cash flows.
