The BSE Sensex was down 326 points at 23,277 and the Nifty was down 107 points at 7,056.
Days after the Cabinet approved doubling of natural gas price from April next year, the Finance Ministry has written to Oil Ministry suggesting setting of a ceiling or an upper limit for the rates.
The government had in May last year disallowed $1.005 billion expense of RIL on the flagging KG-D6 gas fields for not implementing the approved field development plan.
The move is likely to force the government to take a faster decision.
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
The bank guarantee, which will be equivalent to the incremental revenue that RIL will get from the new gas price, will be encashed if it is proved that the company hoarded gas or deliberately suppressed production at the main D1&D3 fields in the eastern offshore KG-D6 block since 2010-11.
With inflation down, the government's twin deficits are largely under control.
Sources privy to the development said Maran was being asked to take care of a part of the liabilities.
Reliance Industries Ltd, along with its partner British Petroleum, plans to invest about Rs 800 crore (Rs 8 billion) to carry out exploratory drilling in an offshore block in the Bay of Bengal, off the Tamil Nadu coast.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
A Texas company will submit a report by June on whether a company controlled by RIL 'stole' natural gas from the wells where ONGC is contracted to operate in the KG basin, as alleged by ONGC.
Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sent.
The financial year ending Saturday saw such big-ticket events that set the directional tone for the country's business journey.
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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.
ONGC must tackle several issues first only then it can turnaround its fortunes.
Indian oil and gas exploration companies work in silos.
The Directorate General of Hydrocarbons (DGH) had recommended to the ministry that RIL be asked to give up 86% of its KG-D6 gas block area
In first half of year, firms raise more than banks on low US treasury rates.
India Gas Solutions Pvt Ltd -- the equal joint venture between the Mukesh Ambani-led firm and Europe's second largest oil firm - is among the three companies shortlisted by Gujarat government for giving out 25 per cent stake in the Mundra terminal.
Seeing the potential of shale gas, Reliance Industries moved early to secure a foothold in the Marcellus shale reserves in the US.
US, China and Japan have no quotas for women and have had the lowest increase in female directors.
Amidst Finance Ministry raising prospects of forcing Reliance Industries to sell gas at old price of $4.2, Oil Minister M Veerapa Moily on Thursday said there was no rethinking in the government on the decision to double gas rates from April 1, 2014.
The government had allowed companies in February last year to launch probe missions to find more oil and gas within already-producing areas.
The net sales growth declines 4.4% in September quarter, the second worst in eight years.
Markets ended lower amid volatile trade with Sun Pharma leading the decline.
Soft oil prices are expected to persist in 2015 and will be accompanied by significant real income shifts from oil-exporting to oil-importing countries.
Markets gained for the second straight session to kick-off the September F&O series on a robust note.
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.
The government plans to take India into the top 50 ranks in ease of doing business in the next two years with efforts such as shifting all applications for industrial licenses online.
India expects to remain unscathed this time, mainly because it is in a sweet spot as the world's third largest oil consumer, after the US and China, says Subhomoy Bhattacharjee.
A brief report card on Modi's ministers.
RIL has more than half a dozen undeveloped discoveries.
In Q3, E&P business accounted for just 1.5% of gross revenue
Fresh investments by corporates up just 5.8% in FY17, lowest since 1992
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RBI's forex swap window for oil marketing companies addresses an urgent issue but what happens when the dollars have to be returned?
The Cabinet Committee of Economic Affairs has approved a hike in gas prices from April 2014.
Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600.
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
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