Global energy supermajor BP plc on Thursday said it is about to open its first 'Jio-bp' branded petrol pump in partnership with Reliance Industries near Mumbai.
The Prime Minister's Economic Advisory Council has approved Reliance Industries' 4.33 dollars per mBtu price of gas from KG-D6 fields, saying it was in line with industry practices.
Reliance Industries' eastern offshore KG D-6 field's gas production will double to around 90 million standard cubic meters per day by next fiscal, government's background material for the Economic Editor's Conference said.
RIL, which began gas production from KG-D6 fields in April last year, is currently producing 63-64 million standard cubic meters per day or 40 per cent of the nation's output.
Reliance currently holds 90 per cent interest in KG-D6.
The fields have reserves of about 89 million tonnes
Reliance Industries on Monday said its city gas would be cheaper by almost 33 per cent compared to liquefied petroleum gas being supplied by oil PSUs.
State power utility NTPC Ltd will not lose any money even if it was to get natural gas at prices higher than those committed by Reliance Industries five years ago, the Power Ministry has told the committee on public undertakings.
"All requirements including providing bank guarantee have been met by NTPC and gas flow can start as early as tomorrow," an official said.
Of the 10 coal bed methane blocks on offer, bids were received only for 8. RIL bid for one block. Of the 24 deep water blocks on offer, bids were received only for eight.
Justice Anoop V Mohta, delivering the final verdict in the gas supply row between RIL and Reliance Natural Resources Limited, asked the two companies to decide on a new gas price, as the rate of $2.34 per mBtu agreed in the family de-merger agreement had already been rejected by the government.
Mukesh Ambani-promoted Reliance Industries will lose around $1 billion (Rs 4,300 crore) a year if it sells gas to the Anil Ambani's Reliance Natural Resources at the agreed price of $2.34 per million British thermal unit
The department has proposed to pool prices of imported and domestically produced natural gas.
Mukesh Ambani controlled Reliance Industries fears that gas supplied to Reliance Natural Resources, belonging to younger brother Anil Ambani, would be traded to a third party as RNRL does not have a power plant, said Harish Salve, the legal counsel of RIL.
Mukesh Ambani-led Reliance Industries on Friday said it may sell gas from its KG-D6 fields to RNRL at $4.20 per mmBtu if the government allocates fuel to the Anil Ambani Group firm.
Reliance Industires made its presence felt early today following reports that the company has made its second large gas discovery at a field in Shahdol in Madhya Pradesh.
The oil ministry is rejecting the monetisation of new discoveries as their production will not be viable at the present price of $4.2 per mmbtu
This follows a letter by RIL to the ministry, justifying the increase in capex.
The Reliance juggernaut is back in action with a $20-billion-plus investment plan.
Expecting oil prices to remain under pressure, Fitch Ratings said deregulation of diesel prices in October will help in lowering the under-recoveries (which is nothing but international petroleum prices minus the subsidised retail rates).
The dreary, cold months from December to February may prove to be the undoing of many a nation as they grapple with sky-high fuel prices - a result of the Ukraine conflict and the pandemic. Many - Europe, South Korea, Japan, and China - will still pull through on the strength of their wealth or because of strong storage infrastructure. But India will have its back to the wall. Signs of liquefied natural gas (LNG) rates hitting new records this winter are already evident.
The gas row between the Ambani brothers had its echo in the Lok Sabha on Thursday with Samajwadi Party chief Mulayam Singh Yadav making a strong plea for gas from Reliance at cheaper rates for state-owned NTPC, a plea also being used by the Anil Ambani group.
The firm would require it to more than triple its CAGR of revenue to 18.5% for the next decade from 6%
The unit, with a capacity to produce 150 Mw of power, has been shut since March 2009. Prior to its closure due to environmental reasons, the unit was running on liquid fuel. Reliance has already signed gas sales and purchase agreements with nine power sector players for supply of 11 mmscmd of natural gas from the KG-D6 block.
A week after doubling of natural gas prices was approved, the Oil Ministry on Friday rebutted charges of the move resulting in windfall gains to Reliance Industries, saying new gas production from the company's fields will not start before 2017-18.
Reliance Industries Ltd's legal battle over the Uttar Pradesh government's decision to impose 21 per cent value-added tax on gas is holding up supply to NTPC's two power plants and Indian Oil Corporation's Mathura refinery, despite a group of ministers making allocation to them.
Responding to comments sought by the Prime Minister's Office on a letter from industrialist Anil Ambani, the ministry last week wrote that the family MoU was clearly against the provisions of the Production Sharing Contract.
Oil and Natural Gas Corporation said on Tuesday it was making an annual loss of Rs 700 crore (Rs 7 billion) on sale of gas at administered prices even as Reliance Industries stated it followed a transparent process to discover the price of gas.
In one of the country's biggest energy deals, Reliance Industries on Monday announced sale of 30 per cent stake in its 23 blocks including the giant KG-D6 gas fields to the United Kingdom's BP Plc for $7.2 billion.
RIL said the Anil Ambani group firm "does not have a single power plant since the demerger (of the Reliance empire) and the ADAG owns just one gas-based plant."
The empowered group of ministers (EGoM) on gas headed by External Affairs Minister Pranab Mukherjee on Thursday decided that gas allocation from RIL's D-6 block will be made to power projects subject to availability and without prejudice to court decisions, according to a government release.
Power plants, involving investments of Rs 100,000 crore, facing closure.
The output was behind target in 2015-16 as well and the government is yet to issue a cost disallowance notice for that
Natural Gas production from KG-D6 block has dropped to 25.35 million standard cubic meters a day this month, from over 63 mmscmd peak output achieved in August 2010.
Dudley, on a stop-over visit on way to Shanghai, along with Ambani drove to Planning Commission Deputy Chairman Montek Singh Ahluwalia's residence for a breakfast meeting this morning and had sought a meeting with Law Minister Ashwani Kumar.
It will be Reliance Industries' gigantic gas find on the east coast versus the imported LNG offered by ONGC and Indian Oil Corporation in the tender for supply of gas to the 1400 MW power plant in Karnataka.
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