Companies to hold rates in Delhi until new government is formed.
The committee said whatever benefit RIL received in terms of the migrated gas is liable to be returned to the government.
They also voiced concerns over a double penalty being sought to be imposed on them for KG-D6 fields output not matching targets.
Digital Juice Animations Pvt Ltd, the development centre of Digital Juice Inc (USA), is looking at hiring professionals at their India Development Centre in Bangalore.
A design firm in Dubai is recruiting various designer profiles.
The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.
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.
According to a source close to the development, the government is set to come out with a notification in this regard by the end of this week.
RIL, its partner BP plc of UK will invest about Rs 6,000 crore (Rs 60 billion) by 2016 to help sustain and improve recovery from the two main gas fields.
Reliance Industries Ltd (RIL) said on Wednesday that the government's move to disallow it recovery of certain costs relating to the D6 gas block in the Krishna-Godavari basin (KG-D6) did not amount to a penalty and was also not in line with the contract the two had signed.
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.
Gas production from Krishna Godavari basin block has dropped to just over 12 mmscmd and RIL is carrying out workover on main Dhirubhai-1 and 3 gas fields.
RIL-BP, who are currently producing about 11.8 million standard cubic metres per day of gas from the flagging eastern offshore KG-D6 block, is targeting newer fields in KG-D6 block and gas discoveries in neighbouring north-east coast and Cauvery basin to raise output.
Defending champion Viswanathan Anand was unable to make most of playing with white yet again as he was held to his successive draw, by China's Liren Ding, in the second round of the Bilbao Masters Final, in Bilbao, on Wednesday.
RIL and its partners BP plc of UK and Canada's Niko Resources plan to produce about 13 million standard cubic metres per day of gas for 13 years from D-34 discovery, known as R-Cluster, in the KG-DWN-98/3 or KG-D6 block by 2017-18.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
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.
Government has put on auction the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block.
The launch of a Geosynchronous Satellite Launch Vehicle was called off by the Indian Space Reasearch Organisation at the eleventh hour on Monday due to a fuel leak in its second stage -- in a setback to the mission to test its homegrown cryogenic engine -- after its failure three years ago.
BP, which bought a 30 per cent stake in RIL's 21 oil and gas blocks, including KG-D6, for $7.026 billion in 2011, is working with RIL to arrest the output decline in the fields.
Government had proposed a revised investment plan for the main gas fields in the KG-D6 block.
Earlier this week, the ministry had come out with a clarification, saying domestic gas producers had to stick to the earlier price of $4.2 a unit until a further notification from the new government.
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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.
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.
RIL has been selling gas from KG-D6 at the same price since it started production in April 2009.
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Free Birds has a couple of laughs and if you don't think too much, you might not even find it predictable, writes Paloma Sharma.
The RIL stock has halved from an all-time high of Rs 1,626 made (intra-day) on January 15, 2008, to on Wednesday's closing figure of Rs 800.55.
RIL, which has faced numerous delays in getting approvals and shifting goal-posts, said the country did not have a stable policy regime and this was responsible for exit of global energy giants like Royal Dutch Shell, BHP Biliton of Australia, Statoil of Norway and Brazil's Petrobras.
In the 38-page report, across 10 chapters, RIL explained how it entered the exploration and production business; the history of the New Exploration and Licensing Policy and the introduction of production-sharing contracts.
Following are the moves in the seventh round of the World Chess Championship match between Viswanathan Anand and Magnus Carlsen in Chennai on Monday with analysis.
Consider each and every answer choice and eliminate the wrong ones.
'Pakistan needs to be constantly at war with somebody, ultimately resulting in it waging war on itself and its own people,' says Shekhar Gupta.
If the EC decides to put on hold a gas price revision for RIL, it would set a precedent for pricing decisions of the government and policy decisions taken but undergoing procedural delays.
Energy conglomerate Reliance Industries and its partner BP plc on Friday said they have made a second deep-water gas condensate discovery in the Cauvery basin, off the east coast.
For India's upstream sector that has seen no new discovery coming into production.
The third game in the World Chess Championship, between defending champion Viswanathan Anand and Norwegian challenger Magnus Carlsen on Tuesday ended in a draw after 51 moves. Following are the moves, with analysis and quotes.
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The Management Committee headed by Director General of Hydrocarbons R N Choubey refused to take a view on appointment of renowned reservoir consultants Ryder Scott, DeGolyer and MacNaughton, Gaffney, Cline & Associates or Netherland, Sewell & Associates to ascertain if RIL's claims of fall in reserves are actually true or the firm was hoarding gas by producing less, official sources said.
Gas pricing guidelines stipulate that a new gas price will apply to all producers except RIL.
A healthy diet that is low on fat and sugar combined by regular exercise can improve the life of your heart.
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