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
RIL's predominantly gas rich KG-D6 block, off the east coast, has also helped boost availability of the environment friendly fuel in the country.
In a surprise move, oil regulator DGH has asked Reliance Industries to include the marketing margin the company charges on sale of natural gas from its field to the approved gas price for calculating the government's share from the project.
A deepwater well in a Krishna Godavari basin block operated by state-run Oil and Natural Gas Corp (ONGC) has been leaking gas for two months and there are now fears of environment damage due to the uncontrolled flow.
Anil Ambani-owned Reliance Energy has approached state-owned gas utility GAIL (India) Ltd for transportation of gas to its proposed 4,000 MW power plant at Dadri.
Reliance Industries Ltd has decided not to use its allocation of gas from the Krishna-Godavari basin's D6 field for petrochemical production; it will, instead, swap it with gas available from other sources. It will use D6 gas only for power generation.
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.
Reliance Industries has already stepped up gas production from 28 mmscmd in June to about 36-37 mmscmd now. The production will soon reach 42 mmscmd once the supply to the Dabhol power plant is increased in the first week of October, said a company official.
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.
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.
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 has put the cost of producing natural gas from its prolific Krishna Godavari basin fields at $2.9 per million British thermal unit and the firm will earn a pre-tax return of 13 per cent.
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.
It would be complete by 2012 with a total investment of over Rs 11,300 crore, including an estimated Rs 2,300 crore from RIL and Rs 9,000 crore from GAIL. Analysts say refineries -- Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Essar, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation -- located in the vicinity of these pipelines would benefit as they would be able to substitute costly fuel oil with cheaper gas.
Reliance Industries, which has discovered gas reserves of nearly 14 trillion cubic feet in the Krishna-Godavari basin off the coast of Andhra Pradesh, is building a gas-receiving jetty in Kakinada.
Reliance Industries Ltd will invest $8.84 billion in producing 80 million standard cubic meters per day (mmscmd) of gas from its KG-D6 block in Krishna Godavari basin.
In the past months, we have awarded 44 blocks, which is the highest ever, says Petroleum Secretary R S Pandey.
The output comprised 32.94 mmscmd from the D1 and D3 gas fields and 6.86 mmscmd from the MA oilfield.
Reliance's entry into the club of integrated energy majors, courtesy the start of oil production in the Krishna-Godavari basin, marks a strategic inflection point for India, as it comes some three decades after the last major find at Bombay High went into production.
Reliance Industries will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
On April 29, the Bombay High Court will start hearing the case between the warring companies, Reliance Industries Ltd (RIL) and Reliance Natural Resources Ltd (RNRL), to reach a quick decision on who will get access to the huge volumes of gas to be produced from RIL's block in the Krishna-Godavari basin. The court will also decide if the central government will be admitted as a party to the case. RNRL would oppose the central government's move to become a party to the case.
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.
Reliance hold 90 per cent interest and is the operator of the deep-sea block KG-DWN-2001/1 (D9).
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.
The fertiliser and power companies say that the cost of gas would be too high, making operating on gas economically unviable.
A day after Reliance Industries Ltd announced sale of 30 per cent interest in its 23 oil and gas blocks, Canada-based Niko Resources, RIL's partner in three fields - D6, NEC 25 and D4 - on Tuesday said it has the option to increase its stake in the fields by up to 30 per cent from current working percentages.
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.
The blocks on offer include one in the prospective Krishna-Godavari basin in the Bay of Bengal, where Reliance Industries found a large field with estimated reserves of 14.5 trillion cubic feet of gas last year.\n\n\n\n
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.
State-owned Oil and Natural Gas Corporation has made a significant gas find off the Andhra Pradesh coast.
Reliance Industries plans to invest $200 to 250 million during the current fiscal in drilling new wells at its D6 gas block in Krishna Godavari basin, off the Andhra coast.
