The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
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.
RIL-BP currently produce gas from Dhirubhai-1 and 3 field and oil and gas from MA field, three of the over one-and-half dozen discoveries made in KG-D6 block
RIL, its partner BP plc of UK will invest about Rs 6,000 crore (Rs 60 billion) by 2016 to help sustain and improve recovery from the two main gas fields.
Credit Suisse said $5.6 may work for Reliance Industries' R-Series gas field in the KG-D6 block but the economics for its satellite fields and NEC-25 block are uncertain.
Gas production from Krishna Godavari basin block has dropped to just over 12 mmscmd and RIL is carrying out workover on main Dhirubhai-1 and 3 gas fields.
The country of 1.3 billion is finally waking up to the most popular sport on the planet. Kushal Das, secretary general of the All India Football Federation, has said the country is aiming to qualify for the 2026 World Cup.
The bank guarantee, which will be equivalent to the incremental revenue that RIL will get from the new gas price, will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the main D1&D3 fields in the eastern offshore KG-D6 block since 2010-11.
Aam Aadmi Party's internal Lokpal, Admiral (retd) L Ramdas, on Saturday said he will not quit the post even though he was asked not to attend the crucial National Council meeting for which he had travelled all the way from Maharashtra.
Zlatan Ibrahimovic bagging four goals, while Juventus and Bayern Munich preserved their leads and FA Cup holders Arsenal were dumped out of the competition.
Ten-man Premier League leaders Leicester City lost at title-chasing Arsenal, while La Liga pacesetters Barcelona crushed Celta Vigo and Juventus took over from Napoli at the top of Serie A by edging their rivals.
Atletico Madrid got their La Liga campaign up and running in less than convincing fashion when Antoine Griezmann's deflected free kick secured an edgy 1-0 win at home to promoted Las Palmas on Saturday.
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