The decision was taken by the ministry this week, a top Coal Ministry official said, while refusing to reveal the names of the companies.
A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by Wednesday.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
Financial shares were the top losers.
He added every dollar rise in the gas price will result in Rs 4,000 crore of revenue and Rs 2,300 crore in profit after tax.
The Cabinet Committee on Economic Affairs had first on June 27, 2013, and then on December 19, 2013, decided to price all domestically produced natural gas, including unconventional fuels such as coal-bed methane and shale gas, at an average of international hub rates and the cost of importing liquefied natural gas.
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.
The previous United Progressive Alliance government had last year approved pricing of all forms of domestically produced gas at according to a formula suggested by a panel headed by C Rangarajan.
The company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities.
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
Bank shares were the top gainers led by ICICI Bank.
The exploration and production assets of Essar Oil will not be part of the Rosneft deal and would continue to remain with the Group.
The manifesto was unveiled by Jayalalithaa at a public rally, in a departure from usual practice of release at party headquarters in Chennai.
'An internationally established price of crude will encourage more players to invest in India, leading to enhanced domestic production which can be made available to domestic refineries,' recommends Anil Agarwal whose company Vedanta Resources has a controlling stake in Cairn India that operates the country's biggest onland oilfield in Barmer, Rajasthan.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
R-Power, Essar could be hit as state mulls benefit-sharing levy for ecology loss.
Companies to hold rates in Delhi until new government is formed.
Rosneft bought a 49 per cent stake in Essar Oil's refinery port and petrol pumps, while Netherlands-based Trafigura Group Pte, one of the world's biggest commodity trading companies, and Russian investment fund United Capital Partners split another 49 per cent equity equally.
Low fuel prices to help oil marketing and refining sectors but upstream players will stay under pressure.
While the government had in June approved a new formula for pricing of all domestically produced natural gas, the Cabinet yesterday allowed the same principles to also be applied to Reliance Industries' currently producing fields in KG-D6 block subject to certain conditions.
Oil and gas players' wish list includes incentivising E&P investments and reintroduction of income tax holiday for exploration and production activities, among others.
Several brokerages lifted their outlooks for the BSE Sensex and companies were queuing to ride the wave of political euphoria
ONGC's chairman and managing director Sudhir Vasudeva tells Business Standard that any price for natural gas that is more than $4.2 a unit is good for the company.
India annually spends Rs 4.5 lakh crore on importing petroleum products, and Transport Minister Nitin Gadkari feels methane is a cost-effective import substitution. But is it? Pallava Bagla examines the pros and cons.
Custom duties, a major concern for the oil sector.
The Cabinet on Thursday decided to allow Reliance Industries to almost double the price of natural gas from April provided the firm gave a bank guarantee to cover its liability if gas-hoarding charges are proved.
Re-instatement of 5% custom duty on crude imports will help.
A day after deciding to nearly double natural gas prices to $8, Finance Minister P Chidambaram on Friday hinted that power and fertiliser units may get gas at subsidised rates to keep electricity and urea costs down.
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