Reliance Industries and British Gas have initiated legal proceedings against state-run GAIL (India) to recover about $150 million for gas supplied during June 2004 to March 31, 2005.
Energy major British Gas, which has already moved several jobs to India in recent years, is likely to move more jobs there after shortly carrying out redundancies in its office jobs in Leicestershire.
An equal joint venture between British Gas (BG) and GAIL, Mahanagar Gas (MGL) provides piped natural gas (PNG) in and around Mumbai. The company says it is now planning to extend its reach by entering more cities in Maharashtra.
In an attempt to hold on to its exploration blocks in the Krishna-Godavari basin, Oil and Natural Gas Corporation is in talks with British Gas (BG) and British Petroleum (BP) for joint exploration in four offshore blocks in the region.
Energy-hungry China has signed a landmark $40 billion deal to buy liquefied natural gas (LNG) from Australia for 20 years that Chinese officials say would put the strained relations between Beijing and Canberra back on track.
A consortium of British Gas, Oil and Natural Gas Corporation and Reliance Industries, which controls the PMT fields off the west coast, is spending about Rs 2,500 crore (Rs 25 billion) for reviving the reserve in this fiscal, while new wells are being drilled at the Cairn-operated Ravva field (off the Andhra coast) for small-sized additional discoveries. The Tapti field has witnessed 'natural decline in the production profile' during the first quarter ended June 2009.
Oil & Natural Gas Corporation Ltd said its ONGC Videsh Ltd authorized plans to hold talks with British Gas for acquisition of their stake in Kashagan oil filed. However, no action has been taken in this regard, it said.
The newly set up Petroleum and Natural Gas Regulatory Board has received over 100 applications from domestic and foreign companies interested in supplying gas to domestic households and vehicles in cities.
Oil India chief reveals plans of the upcoming IPO and future investment strategies.
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
Ratan Tata, in his capacity as the chairman of the Investment Commission, has warned that major projects entailing a combined investment of nearly $60 billion are meeting delays and roadblocks for no apparent reason.
ONGC is close to finalising a stake sale in two of its blocks -- one in the Krishna-Godavari basin and another in the Mahanadi basin -- to British Gas. It is also talking to US-based Noble Energy for offering it stake in some of its blocks in India. ONGC has already agreed to give a stake to Brazilian company Petrobras, Norwegian company Norskhydro and Italy-based ENI in its countrywide blocks.
GAIL, which currently markets 4.8 million standard cubic metres per day of gas from the fields lying in western offshore, will now get to market the entire output of 15.5 mmscmd from PMT fields, a move that will boost the company's annual revenue by about Rs 5,000 crore (Rs 50 billion), official sources said.
However, supermajors Chevron, ExxonMobil and Conoco Philips of US, who were expected to partner Reliance Industries, did not participate.
Floods in Gujarat continued to disrupt half of India's natural gas production for the second day on Wednesday, threatening power generation in north and CNG supplies to automobiles in the national capital.
"There is no change in situation. It may take a couple of days for the water to recede and restart of the facility," an ONGC official said.\n\n
The Indian unit of the British energy firm BG group, Oil and Natural Gas Corp and Reliance Industries signed an amended contract for the Panna/Mukta oil and gas and Tapti gas field with the government for joint management of the fields.\n
Oil and Natural Gas Corp on Tuesday disputed claims made by gas utility GAIL (India) Ltd of an agreement with the operators of Panna/Mukta and Tapti fields to continue selling gas beyond March 31.
At least four firms including Gas Authority of India Ltd, Petronas of Malaysia and British Gas have bid for supplying natural gas/LNG to Reliance Energy's mega 3740 MW gas-fired power plant at Dadri in Uttar Pradesh.
British Gas Plc on Thursday said it along with Oil and Natural Gas Corporation and Reliance Industries Ltd will invest $138 million in developing the Panna/Mukta and Tapti oil and gas fields to improve production.
ONGC, BG close to resolving Panna-Mukta row.
The government on Monday informed that the European Union ban on single hull oil tankers of over 23 years of age would not impact privatisation-bound Shipping Corporation of India.\n\n\n\n
The winter session of Parliament will commence on November 26.
'I have been managing people since I was very young. I really enjoy it.' 'For me, age is only a proxy for experience.'
Weak GDP data and unfaouvrable global data has pulled down Sensex, Nifty.
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