Pakistan beat New Zealand by 141 runs to win the second Test on Day 4 at the Basin Reserve on Sunday and level the three-match series 1-1.
The development plan under preparation is for earlier find in KG-8 well in June 2005. GPSC believes it will take two years from the date all approvals are in place, including the one for development plan, which details investments and volumes to be produced, for starting production from the block KG-OSN-2001/3 off the Andhra coast.
It would be complete by 2012 with a total investment of over Rs 11,300 crore, including an estimated Rs 2,300 crore from RIL and Rs 9,000 crore from GAIL. Analysts say refineries -- Mangalore Refinery and Petrochemicals, Chennai Petroleum Corporation, Essar, Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum Corporation -- located in the vicinity of these pipelines would benefit as they would be able to substitute costly fuel oil with cheaper gas.
Reliance Industries will not "scale down" production from Krishna Godavari basin to accommodate RNRL's future needs, nor would it renegotiate the government-approved price of the gas, the Bombay High Court was told on Thursday.
India's first Test series victory in New Zealand in 41 years on Tuesday highlighted the hosts' battle with inconsistencies that have haunted their Test performances in recent years.
The third and final Test between India and New Zealand ended in a draw as play was not possible after rain came down during post-lunch session on the fifth day at the Basin Reserve in Wellington on Tuesday.
From Bolivia to Siberia, roads that weren't made for a leisurely Sunday drive.
Rahul Dravid scaled another lofty peak in his illustrious career when he created the world record for the most number of Test catches by a fielder in Wellington on Monday.
Star middle order batsman Yuvraj Singh on Monday defended India's decision to delay the declaration in the second innings, which could possibly deny them a victory in the third and final Test if the predicted showers swamp the Basin Reserve on Tuesday.
Adani group's 16.5 billion dollar controversy-hit coal mine project in Australia has cleared another hurdle with Brisbane supreme court dismissing an appeal filed by indigenous group against the project.
A battle of attrition is on cards as India and New Zealand set out to achieve different goals in the third and final Test at the Basin Reserve in Wellington on Friday.
Undaunted by the traditionally seam-friendly Basin Reserve track, India coach Gary Kirsten said his side will have no trouble adjusting to it in the third and final cricket Test against New Zealand, beginning in Wellington on Friday. Kirsten said he sees no reason to be hassled about the wicket or cold, windy conditions the team will encounter.
Australia vice captain David Warner has accused New Zealand fans of going "too far" in their abuse of the tourists during the two-test series which concluded on Wednesday.
'Water is not an economic resource, but we treat water as an economic resource meant for the benefit of human beings.' 'Water is more of a life source than an economic resource.'
The Union government today filed a fresh affidavit in the Bombay high court, which is hearing a dispute over supply of gas from Krishna Godavari basin, stating that any sale price less than $ 4.2 per mmBtu is not compatible with decisions taken by a ministerial panel.
Lawyer T S Doabia told the court the government's approval was necessary for the rate at which RIL sells the gas to other private parties. The division bench of Justices J N Patel and K K Tated pointed out that, according to RNRL, the government stated in Parliament it would not be fixing the gas price, except for its own share. When told this was not contrary to what Doabia was saying, the court asked him to file an affidavit, clarifying the government's position.
UBS Investment Research in its latest report estimated that ONGC and GSPC may get at least $5.5 per million British thermal unit for natural gas they will pump out from their respective Krishna-Godavari basin blocks. RIL is to get a fixed price of $4.2 per mmBtu for gas it would produce from Dhirubhai-1 and 3 fields in KG-D6 block from December-January, for the next five years.
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.
In the past months, we have awarded 44 blocks, which is the highest ever, says Petroleum Secretary R S Pandey.
The company has already received an approval to spend Rs 50,000 crore (Rs 500 billion) for commercialising two of its biggest gas discoveries in the D6 block located in the KG basin. "In a letter to oil regulator Directorate General of Hydrocarbons, the company has submitted one more development plan for Rs 10,000 crore as additional capex (capital expenditure) for the block.
Commenting on the EGoM decision regarding supply of KG gas to upcoming power projects, RIL counsel Harish Salve said, "Government has no right to allocate gas." He clarified that his client was opposed to this stand of the government.
If the government had woken up on August 18, then a more planned evacuation was possible and most of the lakhs of people marooned today would not be there. It is clear that there has been a series of grave and criminal blunders that have led to this disaster of huge proportions. The trouble is, even now we do not know who people are whose neglect caused this disaster, and going by our track record we may never know who they are
Justice Roshan Dalvi sought to recuse herself from the case involving Reliance Industries Ltd and state-owned National Thermal Power Corporation over the supply of gas from the Krishna-Godavari basin on Wednesday.
NTPC, India's largest thermal power operator, said it will stay away from the ongoing Reliance Industries and Reliance Natural Resources case in the Bombay high court over the supply of KG Basin gas.
A division bench of Justices J N patel and K K Tated was hearing a case regarding the dispute between Anil-led Relaince Natural Resources Ltd and Mukesh's Reliance Industries Ltd over the gas supply master agreement (GSMA) whereby RIL will be supplying gas for RNRL's power plants.
After the controversy over pricing of gas from the Krishna-Godavari basin, the Ambani brothers are locked in another court battle.
India has put in place a multi-pronged strategy, including faster exploration and acquisition of oil fields abroad, to secure energy at affordable rates, Petroleum Minister Murli Deora said.
Australia can take the top Test ranking from India with a series victory
OVL, the overseas arm of state-run explorer Oil & Natural Gas Corporation, and Oil India Limited agreed in June last year to jointly buy Videocon's 10 per cent interest in the Rovuma Area 1 for $2.475 billion.
Post-cessation, activities related to the safe shutdown of the field are underway.
Sunil Jain explains why the government does not necessarily win if it applies a higher gas price.
RIL expects oil and gas sales from the Krishna-Godavari basin to boost its revenues and profits significantly. The company started test production of oil from the basin around 10 days ago. The cost of production per barrel of oil is not known. RIL's share price on the Bombay Stock Exchange has fallen 9.3 per cent in the last month as world markets have tumbled on fears of an economic crisis.
Reliance had carried out the minimum work obligation in block KK-OSN-97/2 (awarded to the company in first round of New Exploration Licensing Policy), KK-DWN-2000/1 and KK-DWN-2000/3 (NELP-II) and decided not to enter the subsequent phase, a company official said. The poor prospectivity of the basin was evident from NELP-VI round when the basin could not attract any bids for two blocks and a third block was awarded on a single bid.
Reliance's entry into the club of integrated energy majors, courtesy the start of oil production in the Krishna-Godavari basin, marks a strategic inflection point for India, as it comes some three decades after the last major find at Bombay High went into production.
Reliance Industries will account for about 40 per cent of the country's energy production in the next 18 to 24 months, putting the company on track to earn a quarter of its profit from oil and gas production, from 5 per cent now.
Reliance Industries has created history by flowing oil from the nation's first deep-sea oilfield, but gas production from the eastern offshore KG basin will begin in January, four months behind the deadline. Reliance began oil production from its predominantly gas-rich KG-DWN-98/3 or D6 block on September 17 with initial oil flowing at the rate of 5,500 barrels per day, the company Chairman Mukesh Ambani announced on Sunday in Mumbai.
Reliance Industries Chairman Mukesh Ambani met top government officials on Tuesday, including Cabinet Secretary and Principal Secretary to the prime minister, to explain his company's approach to pricing of natural gas to be produced from KG basin.
In the last two years, there have been at least three instances of the government actively stepping in on Mukesh Ambani's side.
Reliance Industries is in talks with global energy majors, like British Gas of the UK, Chevron Corp of the US, Exxon and Shell for a possible stake sale in its Krishna-Godavari basin gas fields. RIL is looking for a strategic partner for its KG-D6 gas block to get deep sea exploration technology. The percentage of stake to be divested has not been firmed up & may depend on the value that the partner was bringing in. The block contains over 50trillion cubic feet of gas reserve
Gas production from the country's biggest gas block is less than a year away, but Reliance Industries (RIL), operator of the block in the Krishna-Godavari basin, and Reliance Natural Resources (RNRL), the biggest buyer of gas from the block, have not made headway on renegotiating the sales agreement.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances