However, no formal confirmation of the meeting and the issues discussed could be obtained from either group.
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
After a spike in crude oil and gas prices in October following the Hamas terror attack, prices eased down 9 per cent month-on-month in November. The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices. The best guess here is that crude prices (currently at $75/barrel, or bbl) will not likely cross significantly above $80, and gas prices are also likely to remain subdued unless there's a further escalation in the Israel-Hamas conflict.
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.
Ril's shale gas may be impacted due to fracking ban
The projected output will come from satellite fields in the eastern offshore KG-D6 block as well as North East Coast block NEC-25, off the West Bengal coast.
Fertiliser, power plants plan expansion in anticipation
The government on Friday awarded 20 oil and gas blocks for exploration and production -- 14 of which went to Oil and Natural Gas Corporation and partners.
The government nod to Reliance Industries selling 30 per cent stake in its oil and gas blocks such as eastern offshore KG-D6 to London-based BP Plc for $7.2 billion hinges on no-objection certificate (NOC) from Canada's Niko Resources and UK's Hardy Oil and Gas.
Reliance had last month struck gas in the fourth successive well on the block KG-DWN-2003/1 that lies close to its prolific D6 area in the Krishna-Godavari Basin in the Bay of Bengal.
Reliance Natural Resources Ltd has questioned oil ministry's right to approve the price at which a producer sells gas to customers, saying its nod was needed only for the formula or basis of pricing of gas for computing government's share.
RIL gets $4.2 per million British thermal unit for the gas produced from its KG-D6 fields in the Bay of Bengal.
The crux of the ongoing court case between Reliance Industries (RIL) and Reliance Natural Resources (RNRL) on Monday was pricing of the gas produced from the Krishna-Godavari (KG) basin.
The apex court had sought the response after Anil Ambani-led RNRL had consented to government being made a party in the dispute. RNRL contended that it was entitled to receive the gas at $2.34 per unit from Mukesh Ambani group RIL which had entered into an arrangement for supplying gas to NTPC at that rate.
RIL said RNRL has maintained that the May 12, 2005 draft agreement between the RIL and NTPC should be the basis for fixing the price of gas from the KG Basin but it has ignored the provision for government approval.
The apex court also heard a plea for bringing back black money stashed in tax havens abroad.
An RIL spokesperson said that the company has filed its reply to the government's petition on the gas dispute.
Reliance Industries Ltd (RIL) has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). RIL has argued that gas availability for the pipeline is uncertain and will not contribute to the development of a national gas grid.
Market cap touches Rs 5 lakh crore; earnings growth to spurt in FY19
Reliance Industries is likely to sign a gas sale contract with Indraprastha Gas Ltd on Thursday that would use the supplies from RIL's eastern offshore gas fields for vending CNG to automobiles and piped gas to kitchens in the national capital.
Reliance Power's plans are to set up a 7,480-Mw project, which will be the largest gas-fired power project at a single location in the world.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
India's trade account could come under pressure and there could be an inflation push if crude oil prices remain above the $90 per barrel (Brent) for a prolonged period since India imports over 85 per cent of its oil and roughly 50 per cent of its gas. A rebound in economic activity is bound to lead to higher fuel demand. While India is the third-largest importer of crude, it is a net exporter of refined products, which helps to compensate to some degree.
But RIL is yet to agree on the grounds that it is studying the implication of the judgement. On June 15, the Bombay high court gave the two companies a month's time to work out a firm gas volumes, price, timelines and other commercial details for sourcing the fuel from Krishna Godavari basin fields.
Needed, it says, for covering its return and risks; also wants govt to stick to contract on output sharing
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.
CAG had said the increase in field cost would mean a lower profit take for the government.
Reliance Industries has opposed a move to make marketing margin charged by it and other sellers of domestically produced natural gas uniform, while giving gasimporters a free hand, saying that it would be a gross discrimination.
The government will initiate action to limit the amount of expenditure Reliance Industries is allowed to recoup from its flagging KG-D6 gas fields in three to four weeks, Oil Secretary G C Chaturvedi said on Tuesday.
The government plans to more than double the price of natural gas produced by Oil and Natural Gas Corp (ONGC) to $4.20 per mmBtu, in a move that will help the state-run firm break even in gas business.
The ministry had sent a draft proposal for the consideration of the Empowered Group of Ministers to price all domestically produced natural gas -- be of state-run ONGC or private sector Reliance Industries - as per the formula suggested by the Rangarajan Committee.
About two dozen discoveries of the state-owned ONGC, Reliance Industries and the Gujarat State Petroleum Corp (GSPC) in KG Basin alone are languishing for want of right price.
The supplies to Anil Ambani Group's power plants including the one proposed at Dadri near Delhi, will be subject to government approving the allocation of the fuel, Mukesh Ambani said.
Policy air bubbles and implementation snags could block plans to connect India's cities to a clean fuel grid.
In a new twist to the gas dispute between Ambani brothers, the fertiliser ministry on Monday said private family agreements cannot over-ride national priorities.
India's reforms are business-friendly rather than market-friendly, says T N Ninan.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances