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As per the 15-day billing cycle, gas producers are to raise the first invoice at the revised price of $5.61 per million British thermal unit this weekend.
RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.
RIL and partner BP plc are carrying out remedial action to stop water ingress from choking wells even as the first production well on the block in more than four years ramped up output by over 15 per cent to 13.7 million standard cubic meters per day.
RIL and its partners BP Plc of UK and Canada's Niko Resources had last month spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in the Krishna Godavari basin.
RIL produced a total of 13.58 mmscmd of gas from Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the first week of February, which rose to 13.63 mmscmd in the following week.
Reliance Industries would repair a third of the wells shut at its main gas field in the eastern offshore KG-D6 block to boost output in the first quarter of 2014.
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.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
Could get $8.4 per mmBtu from April 2014 by furnishing bank guarantee that would be encashed if D1, D3 gas hoarding proved
Reliance Industries has informed oil regulator DGH that four smaller gas finds surrounding the D-1 and D-3 fields in the Krishna-Godavari basin can be commercially exploited.
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The 25-year production sharing contract, however, ends in 2029.
ISRO officials said that the Rs 330 crore mission failed minutes after the rocket lifted off at 4.27 pm. Although they would go ahead with the same mission next year, it is still considered to be a setback since ISRO had planned on using the GSLV rocket for its second moon mission.
The Directorate General of Hydrocarbons last month recommended to the Oil Ministry that $792 million of the cost RIL has incurred in KG-D6 fields be disallowed for producing only an average of 26.07 million cubic meters per day of gas as against the target of 86.73 mmcmd in 2012-13.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
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The government has slapped an additional penalty of $792 million on Reliance Industries for producing less than targeted natural gas from its eastern offshore KG-D6 block.
Hosts India, who are looking to win their second World title, are placed in Pool C along with Belgium, South Africa and Canada.
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The govt auditor also indicts DGH and management committee of D1 and D3 fields
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Reliance concealed and did not reveal the data to ONGC.
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RIL produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Bay of Bengal in the week ended May 26, according to a status report of the Directorate General of Hydrocarbons.
RIL on April 2 shut the well A1 on the main producing fields of Dhirubhai-1 and 3 (D1&D3) in Krishna Godavari basin block KG-DWN-98/3 or KG-D6 for "reservoir build-up study," according to a status report of the Directorate General of Hydrocarbons.
RIL, which had made four consecutive gas discoveries with close to 500 billion cubic feet of in-place reserves in block, proposed immediate relinquishment, its minority partner Hardy Oil and Gas plc of UK said on Wednesday.
Reliance Industries Limited had in late-August filed a revised field development plan for discoveries Dhirubhai-1 and 3 (D1&D3) in KG-DWN-98/3 cutting gas reserves to 3.10 Trillion cubic feet from 10.03 Tcf approved in 2006.
The output has dropped after hitting a peak of about 62 mmscmd in August, 2010.
The company seeks appointment of independent international experts to verify its claims.
Reliance Industries is awaiting government approval for two gas discoveries it has made in the Krishna Godavari basin deep sea block, the company's junior partner Hardy Oil & Gas said.
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The D1&D3 fields in KG-D6 block were originally certified to hold 10.03 trillion cubic feet of proved plus probable (2P) reserves, of which about 2 Tcf have already been produced in last three years.
RIL wants to drill an exploration well on the D1&D3 gas fields in the KG-D6 block, Cairn on the Rajasthan block.
It is shut due to high water and sand ingress and it awaits regulatory nod to carry out urgent workover.
The government will now examine the report and decide on how and to what extend should ONGC be compensated for its gas being produced by RIL.
The company had scaled down capex in D1 and D3 fields to $5.93 billion from the $8.84 billion spending it had proposed in 2006.
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