Current operations on Cambay include completing the planning for the drilling programme and construction of the three well sites for the first phase of drilling, now likely to commence in late June.
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.
Bangladesh's Anti-Corruption Commission has formally pressed charges against detained former premier Khaleda Zia for allegedly contracting out several gas fields to a Canadian oil company in exchange for kickbacks.
Media reports said junior energy minister A K M Mosharraf Hossain had accepted a brand new Toyota Land Cruiser Cygnus from Niko Resources in return for delaying a multimillion dollar compensation claim.
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.
The Krishna-Godavari (K-G) basin may prove to be a much bigger play for Reliance Industries Ltd. This follows the announcement that its D4 block could hold twice the reserves of the in-production D6 block to the north.
Reliance Industries Ltd has found new natural gas reserves in Krishna Godavari basin D6 block off the east coast, the company's minority partner Niko Resources has said.
Reliance Industries Ltd and its Canadian partner Niko Resources will invest over $2 billion in bringing to production their gigantic gas field in the Bay of Bengal and laying pipelines to transport the fuel.
The government has slapped a $2.81 billion (about Rs 24,500 crore) demand notice on Reliance Industries and its partners, including BP Plc for gains made from producing and selling natural gas that may have migrated from neighbouring block of state-owned ONGC. This follows the Delhi high court's decision on February 14, overturning an international arbitration tribunal ruling that held the duo not responsible for paying any compensation for the gas they produced and sold which had allegedly migrated from adjoining fields.
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.
Reliance Industries' gas field off the Orissa coast holds 2.3 trillion cubic feet of gas reserves, more than double the previous estimates.
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 company will invest $747 mn to increase production from D1, D3 and MA fields.
Reliance Industries Ltd (RIL) said on Wednesday that the government's move to disallow it recovery of certain costs relating to the D6 gas block in the Krishna-Godavari basin (KG-D6) did not amount to a penalty and was also not in line with the contract the two had signed.
Govt notification on $8.4 a unit price likely by month-end
RIL estimates output from KG-D6 could reach up to 60 mscmd in the next five years, when all satellite fields are brought into production.
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
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The 25-year production sharing contract, however, ends in 2029.
RIL has been selling gas from KG-D6 at the same price since it started production in April 2009.
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.
The commission asks for notification to be deferred; RIL's KG-D6 pricing issue may return to Cabinet
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
The company will wait for sizeable user base for better valuation.
The Mukesh Ambani-led Reliance Industries Ltd (RIL) might take a write-down on the KG-D6 block.
Oil Minister Dharmendra Pradhan had last month told the Parliament that his Ministry has disallowed RIL from recovering $2.376 billion invested to develop offshore Krishna Godavari gas fields as output has fallen drastically and was way below the promised volumes in past four years.
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