The Comptroller and Auditor General can do a performance audit of production sharing contracts
Reliance Industries Ltd, India's largest private sector oil firm, has sought compensation similar to what is extended to public sector fuel retailing companies
The release also points out that the prevailing domestic gas prices command a significantly higher price than the proposal of RIL.
It was agreed at the meeting to recommend to the competent authority on two issues namely the Declaration of Commerciality of certain wells in the NEC 25 and KG D6.
The auditor said that it has unfettered right of access to all records of Reliance Industries (RIL) during its audit of operations in the Krishna-Godavari basin and would override any conditions sought to be imposed on the process.
According to RIL's announcement for the first quarter ended June 30, the KG-D6 field produced 33.1% less gas in the quarter.
Reliance Industries Ltd has won government approval for laying six petroleum product pipelines across the country to sell output from its 33 million tonnes per annum Jamnagar refinery in Gujarat.
Seven companies including Royal Dutch/Shell, BP Amoco, Reliance Industries and Kuwait Petroleum Corporation were left in the fray for acquiring government stake in oil PSU Hindustan Petroleum Corporation Ltd after bidders were shortlisted.
Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
Upstream regulator DGH has suggested that the $1.235-billion investment of Reliance Industries should be disallowed over the Mukesh Ambani-run firm's failure to adhere to prestated drilling and gas production targets, but the oil ministry is yet to agree on the numbers.
Evoking extremely good response from investors, Reliance Industries on Wednesday closed at Rs 715.50 a share
US energy major Chevron may pick up a stake in the Reliance Industries' upcoming Rs 27,000 crore
A casual worker employed at the Defence Ministry was arrested on Tuesday for allegedly providing forged identity card to a key accused in petroleum ministry leaks case while police maintained that no sensitive documents were leaked or stolen from the defence ministry.
'There exists a 'brotherhood' of sorts for a very long time and corrupt dealers and corrupt OMC officials are in it together,' Ashwani Attrish, founder, Empowering Petroleum Dealers Foundation, tells Sudhir Bisht, a veteran of the petroleum industry.
Anil Ambani Group firm Reliance Fuel Resources Ltd has sought government permission to lay a Rs 16,000-crore (Rs 160 billion) pipeline to take natural gas from Reliance Industries-operated field off the Andhra coast to its power plant at Dadri in UP.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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.
Reliance Industries is seeking about Rs 400 crore (Rs 4 billion) from state-owned oil retailers in unrealised amount on liquefied petroleum gas and kerosene, it sells to them.
It is expected to take a similar stand at the Mumbai and Delhi high courts, where Welspun Maxsteel, Ispat Industries and Essar Steel have challenged the petroleum ministry's decision to divert KG-D6s supply from steel and petrochemicals to power and fertiliser.
Steel manufacturers on Wednesday hit out at 'unilateral' decision of the Oil Ministry to curb natural gas supplies from Reliance Industries' KG-D6 fields to non-core users, saying only a ministerial panel was empowered to take such decision.
Why does the world's fastest-growing major consumer of energy fail to attract investments in oil and gas? This is a question worth pondering after private sector conglomerate Reliance Industries Ltd (RIL) failed to close a $15-billion downstream asset deal with Saudi Arabia's national oil company, Aramco. It's understandable if multi-billion dollar investments in oil and gas projects or deals involving state companies that need to traverse a complex bureaucracy at state and federal levels and the corridors of ministries unravel. However, Mukesh Ambani-run RIL, India's most successful energy company, is not typically known to fumble on closing deals (Ambani closed deals worth around Rs 2 trillion early last year in telecom and retail with blue chip investors).
India's oil import bill for the first quarter of the current fiscal has climbed to $4.72 billion while petroleum product exports totalled $706 million.
UB group chairman Vijay Mallya on Tuesday said that Delhi Chief Minister Arvind Kejriwal was pursuing "unconventional methods" to attain his objectives while asserting that there should be no "witch-hunt" against industrialists.
From promoters losing their firms to consumers realising there are no free lunches, 2019 was a year of getting real,says Shailesh Dobhal.
As part of efforts to increase pressure on the government of Iran to discontinue its alleged nuclear weapons programme, the US has been aggressively urging foreign governments and companies to avoid commercial activity in Iran's energy sector, the State Department said after releasing a list of such companies.
Petronet India Ltd is likely to formally shelve the Rs 2,450 crore (Rs 24.5 billion) central India petroleum product pipeline project this month as its promoters are no longer keen on the project.\n\n\n\n
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.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
Reliance Industries Ltd (RIL), the operator of the KG-D6 gas block, has told the government it cannot comply with its latest directive on prioritising gas supply.
Reliance currently holds 90 per cent interest in KG-D6.
The mid-cap index fell while small-cap advanced.
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.
Delhi police on Saturday filed chargesheet against 13 persons arrested in connection with the petroleum ministry document leak case.
Nova's new owner has decided not to pursue this project.
The five companies which topped the list are Reliance Industries Ltd, Oil and Natural Gas Corporation, Indian Oil Corporation, NTPC Ltd and Bharat Petroleum Corporation
In a free-wheeling interview with Jyoti Mukul, Sibal makes a case for his innocence and blames the media campaign by the Anil Ambani group for the current controversy.
The apex court sets aside Delhi HC order on the oilfield.
