The company had received a loan restructuring package from banks under the 5/25 scheme last year.
Likely to drill three additional exploration wells in the block before the end of 2010.
Congress on Tuesday cautioned against probe "inspired by political vendetta", as Delhi Chief Minister Arvind Kejriwal ordered filing of an FIR against its party leader and Petroleum Minister M Veerappa Moily alleging collusion in hike in prices of natural gas from KG basin.
According to sources, the government has provided a list of 20 companies to Reliance Industries for sale of gas as per the gas utilisation policy. Some of these companies include Nagarjuna Fertilizer & Chemicals, Chambal Fertilizers & Chemicals, Tata Fertilizers and Oswal Chemicals & Fertilizers among others.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
Launching a fresh broadside at Oil Minister M Veerappa Moily, CPI leader and MP Gurudas Dasgupta on Tuesday said no action has been taken against Reliance Industries for deliberately keeping natural gas output low and is instead being rewarded by a steep hike in prices.
Reliance Industries will not "scale down" production from Krishna Godavari basin to accommodate RNRL's future needs, nor would it renegotiate the government-approved price of the gas, the Bombay High Court was told on Thursday.
The Union government today filed a fresh affidavit in the Bombay high court, which is hearing a dispute over supply of gas from Krishna Godavari basin, stating that any sale price less than $ 4.2 per mmBtu is not compatible with decisions taken by a ministerial panel.
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.
Higher price will lead to hike in fertiliser subsidy while a lower price will hit returns.
Mukesh Ambani-led RIL has sought to lift the sty as it claims it's ready to produce gas next month. Arguing before the court against vacation of the stay, RNRL senior counsel Mukul Rohatgi said, "There is no immediate supply of gas. Let the directorate general of hydrocarbons make a statement when the company is ready to produce the gas."
Upstream firms pay for a portion of fuel subsidies by extending discounts on crude oil they sell to refiners who are forced by the government to sell diesel and cooking fuel at rates lower than cost of production.
The government is likely to clear the price quoted by Reliance Industries Ltd for its gas from the Krishna-Godavari basin without seeking to control the price.
All cases that were registered last year during will be pursued.
The government will now examine the report and decide on how and to what extend should ONGC be compensated for its gas being produced by RIL.
12 AAP MLAs went to Raj Niwas, the LG's residence, at around 11.30 am with the demands. They later claimed that Jung 'refused' to meet them, but the LG secretariat said Jung's schedule was already prepared for the day and procedures have to be followed for seeking an appointment.
Reliance had last month struck gas in the fourth successive well on the block KG-DWN-2003/1 that lies close to its prolific D6 area in the Krishna-Godavari Basin in the Bay of Bengal.
Union government limits powers of Anti Corruption Bureau to corruption cases involving Delhi state govt officials
Benchmark share indices ended flat amid lack of investor participation even as gains in IT majors ahead of their second quarter earnings helped capped downside.
Delhi Police claims that the FIR reveals serious cognizable corruption & cheating offences, so matter is within its jurisdiction.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
Pooling will also kick-start projects of Reliance Power, Torrent, Lanco.
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.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
Reliance Industries Ltd (RIL) has refuted the allegation in the Supreme Court that it is deliberately reducing production of gas in KG basin in anticipation of a higher gas price and said it has taken all steps for arbitration proceedings with Centre to sort out all disputes.
The lack of mutually acceptable arbitrators has delayed the resolution of the two-and-a-half-year-old dispute between Reliance Industries Ltd and the government of India over the recovery of $2.376 billion worth of investment in the KG-D6 gas block.
The KG-D6 fields, which began production in April 2009, hit a peak output of 69.43 mmscmd in March 2010 before water and sand ingress led to more than a third of the wells shutting down.
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.
Congress stalwart Murli Deora passed away on Monday morning after battling a prolonged illness. He was a politician who shared rapport across the political and corporate spectrum.
The agency would probe whether Sibal had shown undue favour to RIL.
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.
The output comprised 32.94 mmscmd from the D1 and D3 gas fields and 6.86 mmscmd from the MA oilfield.
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
As CAG found Reliance Industries was being favoured in gas exploration deal to the government's detriment, former Prime Minister Manmohan Singh told the then top auditor Vinod Rai that audit should not hurt the private sector and RIL was one of the biggest and most respected.
In its annual work program submitted to upstream oil regulator Directorate General of Hydrocarbons, Reliance stated that natural gas output from Dhirubhai-1 and 3 or D1 and D3 gas fields in the block KG-DWN-98/3 or KG-D6, will be about 38 mmscmd in 2012-13 from current production level of 43-44 mmscmd.
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.
Needed, it says, for covering its return and risks; also wants govt to stick to contract on output sharing
Australia's Oilex on Monday said it has made huge natural gas discovery in Gujarat that may hold over 1.5 Trillion cubic feet of recoverable reserves. Industry estimates put the total resource base or inplace reserves in the Cambay basin discoveries near the town of Khambat, 160-km south of Ahmedabad, at between 20-30 Trillion cubic feet, almost equivalent to inplace reserves of Reliance Industries' eastern offshore KG-D6 fields.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
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