The downstream segment will enjoy greater visibility on excise duty as branded petrol and diesel will now attract specific duty.
RFRL Group President A N Sethuraman on September 3 filed three separate applications with the Petroleum and Natural Gas Regulatory Board for licences to sell CNG to automobiles and piped gas to households in Mumbai, Delhi, Gurgaon, Faridabad etc.
The arguments in the high-voltage bitter legal battle for the first time saw Anil Ambani sitting during the court proceedings throughout the day.
NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
The Cairn-ONGC-Videocon consortium had last month written to the petroleum ministry seeking a 57 per cent hike in the Ravva Satellite field gas price citing provision in the Production Sharing Contract for the field.
The state-run Oil and Natural Gas Corporation (ONGC) has agreed to pay over Rs 3,914.39 crore (Rs 39.14 billion) for hiring an ultra deep-sea drill rig from Reliance Industries for four years, a top company official said.
Oil explorer Cairn Energy Ltd has said it would invest $90 million, along with its joint venture partners, over the next nine months toward drilling activity at Ravva, the offshore oil and gas field in the KG Basin.
Policy air bubbles and implementation snags could block plans to connect India's cities to a clean fuel grid.
According to senior RIL executives, more than half the work has been completed on the pipeline, which will transport gas from the KG basin to the RIL refinery at Jamnagar.
Oil and Natural Gas Corporation has struck a large gas field in the Krishna-Godavari basin in Bay of Bengal, home for the gigantic gas find of Reliance Industries Ltd.
Indian Oil Corporation on Friday said it plans to invest about Rs 2,000 crore in a joint venture with Reliance Industries for retailing natural gas to households and automobiles.
RIL is considering this deal as part of a long-term strategic move as the company needs a partner for the level of deepwater drilling that is required at this particular block, industry sources said on condition of anonymity. The potential partners could be among the global energy giants like ExxonMobil, Shell, BP, Total and Petrobras, as these are the companies with required expertise, sources said.
Sunil Jain explains why the government does not necessarily win if it applies a higher gas price.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
The petroleum ministry has told ONGC to give away 60%stake plus operating control in India's largest oil and gas producing fields of Mumbai High and Bassein to foreign companies, according to an October 28 letter to the state-owned company. Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, wrote a 3-page letter to ONGC chairman and managing director Subhash Kumar, saying productivity of the Mumbai High and Bassein & Satellite (B&S) offshore assets under state-owned firm was low and international partners should be invited and given 60 per cent participating interest (PI) and operatorship. This is the second time since April that Nath, who is part of the ONGC management as the longest-serving government nominee director on its board and often considered a potential candidate to replace Kumar next year, has written an official letter, painting a poor picture of the company's performance.
'We plan to add over 100,000 square kilometres every year, to reach an ambitious target of 500,000 square kilometres by 2025.'
Last month, the government approved the proposal of doubling gas price from RIL's KG basin from $4.2 mmbtu to $8.4 mmbtu from April 1, 2014.
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.
Reliance Industries on Friday said it will drill three more wells in the Krishna Godavari basin bloack where the first exploratory well was abandoned owing to poor gas find.
RIL and its partners BP Plc of UK and Canada's Niko Resources had last month spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in the Krishna Godavari basin.
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9).
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.
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.
Crude and gas supply concerns have eased amid reports that Israel and Hamas have struck a peace deal. The International Energy Agency estimates oil demand may drop slightly in calendar 24 but Opec probably has enough pricing power to maintain $80/ barrel Brent prices. Russia's share of India's crude imports remained strong at about 35 per cent in September 2023.
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.
Agrees with RIL's stand that CAG cannot do a performance audit of the company.
The company had assets in countries like Yemen, Peru, Oman, Myanmar, Columbia, East Timor, Kurdistan and Australia, but it exited almost all these blocks later as part of its portfolio rationalisation
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.
The move is likely to force the government to take a faster decision.
Reliance Industries has said the natural gas output at its Krishna Godavari basin KG-D6 fields averaged 54.5 million cubic meters a day in the quarter ended December 31, 2010, down from 60 mmscmd achieved in April.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
The Mukesh Ambani-led Reliance Industries Ltd (RIL) might take a write-down on the KG-D6 block.
BP, which bought a 30 per cent stake in RIL's 21 oil and gas blocks, including KG-D6, for $7.026 billion in 2011, is working with RIL to arrest the output decline in the fields.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
After a long wait for government approval, Reliance Industries (RIL) is to begin work on development of four satellite fields -- D-2, D-6, D-19 and D-22 -- in India's largest gas field, block D6 in the Krishna-Godavari basin, or KG-D6.
RIL has raised the marketing margin to $0.15 per million British thermal unit from $0.12 per mmBtu earlier, a source said. The rate, which would be charged over the $4.20 per million British thermal unit base gas price, is however lower than the $0.18 per mmBtu margin charged by state-run GAIL. The increase, he said, was due to the additional risk of 'ship-or-pay,' an obligation under which the company would be obliged to transport the committed volumes or pay for the gas.
The 62 per cent increase in natural gas prices by the Indian government will boost the profitability of upstream companies in the country and support their investment spending, Fitch Ratings said on Tuesday. The price for gas from fields that were assigned by the state to oil companies, mainly Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL), increased to $2.90 per million British thermal units (mmBtu) for October 2021-March 2022, from $1.79 per mmBtu in the previous six months. "Higher gas prices will increase the input cost for key end-consumer sectors, to the extent the price hike is passed on," Fitch said.
Reliance in the first phase is developing Dhirubhai-1 and 3, the first two of the 15 discoveries in the 7,645-square- kilometre KG-D6 block. Initial output is likely to be 40 million standard cubic meters per day (mmscmd), which will rise to 60 mmscmd in 2009-10.
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