DGH director general V K Sibal objected to Hardy, which holds 10 per cent stake in RIL-operated D3 and D9 blocks, making 'an unwarranted, unethical and premature announcement that is bound to mislead' and influence share price. Sibal on May 29 wrote to Securities and Exchange Board of India chairman C B Bhave asking the market regulator to take up with its counterpart in London the unauthorised statement made by Hardy about its assessment of reserves in the two blocks.
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State-owned Oil and Natural Gas Corporation (ONGC) has reported a 10 per cent decline in its June quarter net profit on lower oil prices and stagnant production from its aging fields. The company reported a net profit of Rs 8,024 crore in the first quarter of 2025-26 fiscal year, compared to Rs 8,938 crore earning in the same period last year, a company statement said.
Reliance Industries Ltd has committed to invest of $563 million in exploration of oil and gas in the nine blocks it won in consortium with Hardy Oil of UK in the third round of New Exploration Licensing Policy.
ONGC and Reliance on Tuesday signed licence agreements for oil and gas blocks awarded to them by the government under the third round of the New Exploration Licensing Policy.
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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.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9).
India's east coast is emerging as one of the hydrocarbon hotspots in the world with 100 trillion cubic feet of gas and two billion barrels of oil in place.
The company's junior partner in block KG-DWN-2003/1 (or D3) Hardy Oil and Gas said there were 'unresolved mechanical issues' with Transocean's rig 'Deepwater Expedition' which was drilling an exploration well on the block.
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.
22 companies won bids for the 31 contracts on offer; 15 were new entrants to the oil and gas business. Three years on, none of them have started production.
Reliance Industries has made a 'significant' gas find in a Cauvery basin block-off the east coast, company officials said.
Reliance Industries has made a 'significant' gas find in a Cauvery basin block-off the east coast, company officials said.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said on Wednesday.
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According to the Geological Survey of India (GSI) and UP geology and mining directorate reports, gold reserves totalling 2,944 tonnes have been found in the Sona Pahadi and Hardi blocks of the backward Sonbhadra district.
In addition to undertaking to validate prospects identified by the joint venture, GCA employed a play-based exploration methodology on the D3 block to address both the current prospect inventory and the 'yet to find' resource potential. In D3, GCA estimated 9.5 Tcf of inplace reseves. D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively, UK-based Hary Oil and Gas Plc said.
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Livelihoods and lives are being destroyed in the name of building a 'better' India, writes Congress leader Sachin Pilot, in an exclusive column for Rediff.com.
ITC is one of those few enterprises in the world that has traversed a 100 year journey and has yet managed to remain contemporary, relevant and competitive.
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