Congress members also vociferously pressed for a discussion on the Comptroller and Auditor General report.
Reliance Industries Limited has made two natural gas discoveries on the east and west coast adding to the vast hydrocarbon reserves it has found in the past few years.
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The Cabinet on Thursday approved ONGC's proposal to acquire Cairn Energy's stake in two gas blocks for $135 million.
The stage for negotiations to settle the Krishna-Godavari basin dispute is long over, says a government official
The company is in advanced talks with Hindustan Petroleum Corp, Chennai Refinery and Kochi Refineries for sale of 34,000 barrels per day of oil it will start producing from the gas-rich KG-D6 block on Krishna Godavari basin from September. The company is investing $2.234 billion in developing the MA-1 and MA-2 oil fields in the predominantly gas-rich block.
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
The picture of Moon was taken by Chandrayaan-2's LI4 Camera from an altitude of about 2,650 km from the lunar surface.
The Cabinet Committee on Economic Affairs last month allowed ONGC and Oil India Limited to tap shale resources in blocks allotted to them on a nomination basis.
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.
The company is in talks with BG India and Italian E&P major, ENI.
Reliance Industries is ostensibly seeking a 25 per cent increase in the price of natural gas it produces from the eastern offshore Krishna-Godavari Basin after it wrote to the Oil Ministry saying it has customers willing to pay more than the government-approved price.
Billionaire Mukesh Ambani-run Reliance Industries Limited began gas production from the Krishna-Godavari basin in April, 2009, and its 60 million standard cubic metres per day output led to a 75 per cent jump in natural gas availability in the country to 140 mmscmd.
After successfully dabbling in organised retail in 2006, Mukesh Ambani, chairman of India's largest private sector company, Reliance Industries (RIL), has now set his eyes on no-frills, low-cost housing."RIL has deep pockets and excellent execution skills. It has executed two large projects like the Jamnagar refinery and the KG-D6 basin in a record time. Another such large project is only obvious for the company to get into," said a source close to the development.
Lok Sabha MP Harsh Vardhan on July 23 wrote to Petroleum Minister Murli Deora asking why the government had kept quiet for all this while on the Ambani family MoU that provides for dividing Krishna-Godavari basin gas between companies run by brothers Mukesh and Anil.
MA fields were producing around 32,000-33,000 barrels of oil per day and 8 million standard cubic meters per day of gas.
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Some documents not yet provided, spokesperson tells DNA Money. Murli Deora's Petromin says report submitted! ADAG once again asks for tabling of report, shows 'proof' govt appointed auditors of RIL expense sheet have conflict of interest.
Billionaire Mukesh Ambani's Reliance Industries Ltd (RIL) has seen pre-tax profit recover to pre-pandemic levels on the back of continued growth in consumer businesses, Moody's Investors Service said on Monday. The oil-to-retail-to-telecom behemoth on Friday reported a 0.7 per cent Ebitda (earnings before interest, tax and depreciation and amortisation) growth for the quarter ended December 31, 2020, compared with the corresponding quarter in the previous year. "A strong performance in digital services and retail segments underpinned the improvement in consolidated earnings, a credit positive," Moody's said commenting on the earnings. Continued growth in earnings combined with the company's strong balance sheet with zero net debt on a reported basis will keep Reliance's credit metrics strong for its Baa2 rating over the next 12-18 months, it said.
A price of $4.20 per million British thermal units is not viable for smaller gas discoveries, say industry experts.
The government on Thursday hiked by 62 per cent the price of natural gas that is used to produce electricity, make fertilisers and turned into CNG to use as fuel in automobiles and cooking gas for household kitchens. This is the first increase in rates since April 2019 and comes on back of firming benchmark international prices but does not reflect the spurt in spot or current price of liquefied natural gas (LNG) witnessed during the last couple of weeks. The oil ministry's Petroleum Planning and Analysis Cell (PPAC) said the rates paid for gas produced from fields given to state-owned Oil and Natural Gas Corporation (ONGC) and Oil India Ltd (OIL) will be $2.90 per million British thermal unit for the six-month period beginning April 1.
Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.
Reliance Industries is in talks with global energy majors, like British Gas of the UK, Chevron Corp of the US, Exxon and Shell for a possible stake sale in its Krishna-Godavari basin gas fields. RIL is looking for a strategic partner for its KG-D6 gas block to get deep sea exploration technology. The percentage of stake to be divested has not been firmed up & may depend on the value that the partner was bringing in. The block contains over 50trillion cubic feet of gas reserve
The Oil and Natural Gas Corporation plans to invest over US$ 5 billion to produce 25 million standard cubic meters per day of gas from its eastern offshore Krishna Godavari fields by 2013. The state-run firm on Wednesday submitted to the regulator Director General of Hydrocarbons an appraisal programme of the discoveries it had made in the KG offshore basin, putting the in-place reserves at 6.37 trillion cubic feet. ONGC also plans to produce 8,000 barrels of oil per day.
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.
The newer gas finds will help turn the tide for ONGC, which has seen oil and gas output stagnating in recent times.
The Norwegian company, which has already taken a 10 per cent stake in the KG-DWN-98/2 block, has the right to double its interests before the gas discoveries are put to production but it is now keen on operatorship and a higher stake in the block, company sources said. ONGC is in dire need of deep water production technology and is likely to agree for a joint operatorship of the block but is not willing to give 30 per cent stake in Norsk Hydro.
Reliance Industries Ltd has discovered huge oil reserves in its gas-rich D6 block in Krishna Godavari basin off the east coast, its minority partner Niko Resources of Canada has said.
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.
Indices reversed all its losses during late trades.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
Contract does not provide for retrospective penalty for 'such' acts
RIL has slapped an arbitration notice challenging oil ministry's decision to take away 814 square kilometer of its eastern offshore KG-D6 area that contained five gas discoveries.
Stellar rally in ITC shares along with strength in the Asian equities capped the downside.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
State-owned Oil and Natural Gas Corp (ONGC) has signed a contract to hire a long-idled ultra-deepwater drillship of US-based Transocean for $412,000 (about Rs 2.39 crore) per day.
The committee said whatever benefit RIL received in terms of the migrated gas is liable to be returned to the government.
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