Government has set $4.20-per million British thermal unit as the selling price for D6 gas, but the Bombay high court last month asked RIL to supply gas to firms run by Anil Ambani Group at $2.34 per mmBtu, 44 per cent lower than the price fixed by the government.
A plea of the UK-based Vedanta group company to export its share of crude oil from Barmer oil field in Rajasthan was on Tuesday rejected by the Delhi high court on the ground that domestic crude cannot be exported till India attained "self sufficiency".
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
Reliance Industries Ltd (RIL) on Wednesday asserted in the Supreme Court that it did not receive any favour from the government in the contract for exploration of oil and gas from Krishna-Godavari basin.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
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While the Cabinet has approved doubling of gas price from April 1 next year, Oil Ministry is proposing that old rates of $4.2 per million British thermal unit apply to gas from D1/D3 and MA fields in eastern offshore KG-D6 block till it proved that RIL had proved less than targets only because of geological factors.
India on Wednesday announced auction of 46 small discovered oil and gas fields, holding about Rs 70,000 crore worth of hydrocarbon reserves.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
Contract does not provide for retrospective penalty for 'such' acts
Petroleum minister M Veerappa Moily would like to import 11 million tonnes of Iranian crude in this financial year.
Moily said several gas fields of both RIL and state-owned Oil and Natural Gas Corp were economically unviable to produce at current rate of $4.2 per million British thermal unit.
A market-based gas pricing regime is to kick-in from next month.
Experts emphasise on the need to curb the spread of the novel coronavirus using strategic and pragmatic approaches in villages as well as Tier 2 and Tier 3 cities and towns, which are reporting increased COVID-19 infections and deaths during the ongoing second wave of COVID-19 pandemic.
The Indian card processor - used in the heist on December 21, 2012 - was ElectraCard Services, which is based in Pune, India.
The move will strengthen its revenues by about $100 million.
Govt plans to stop RIL from selling crude to Jamnagar refinery.
Amidst controversy over fall in output from RIL's KG-D6 gas fields, Directorate General of Hydrocarbons (DGH) on Wednesday appeared to favour scrapping the present system of contracts and instead asking firms to bid for the share of oil and gas they can offer to the government.
Bangladesh currently faces a daily shortfall in gas supplies of 500 million cubic feet
Reliance Industries on Saturday said it had never contested the government's right to get the company's spending on KG-D6 gas fields audited by the Comptroller and Auditor General but hoped it will not be subjected to a performance audit."RIL has at no time contested the government's right to conduct an audit by any agency, including the CAG, as provided in Section 1.9 of the Accounting Procedure of the PSC," the company said in a statement on Saturday evening.
Pradhan said a National Data Repository which will store information on all sedimentary basins of the country is being pursued on top priority.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
The government cannot exercise its sovereign rights twice over.
According to industry experts, the consumption of petroleum products in the month of April was only 30-40 per cent of what it had been prior to the lockdown. Due to this, refineries were forced to bring down their capacity too.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
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Mayank Ashar talks about India's business environment.
Government had proposed a revised investment plan for the main gas fields in the KG-D6 block.
RIL has maintained it had followed the production sharing contract (PSC) in letter and spirit and done no wrong and it has drilled all wells within its boundary.
It calculated that the government should have got an additional profit share of $ 115.263 million.
With 3,000 tonnes of imported onion entering the market over the next fortnight, the price should start cooling off. Soon after, the new crop of onions will arrive, further reducing prices.
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The 25-year production sharing contract, however, ends in 2029.
RIL has denied knowingly producing any gas from the ONGC block
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
The govt auditor also indicts DGH and management committee of D1 and D3 fields
Weak production outlook, low crude oil prices and regulatory issues could keep the scrip in check
Oil Min rejects RIL arbitration notice.
While a new formula for pricing of all domestically produced natural gas was notified on January 10 and published in Gazettee on January 17, the Election Commission last month asked the government to defer its implementation till general elections are completed.
The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
