The stage for negotiations to settle the Krishna-Godavari basin dispute is long over, says a government official
Reliance Industries will have to provide a bank guarantee of $135 million every quarter to get a higher price for natural gas from April 1 next year.
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The five discoveries -- D4, D7, D8, D16 and D23 - hold 0.805 trillion cubic feet of reserves, or about one-fourth of the restated reserves in the currently producing Dhirubhai-1 and 3 (D1&D3) fields in KG-D6 block, and are worth $10 billion.
Reliance Industries' eastern offshore KG-D6 gas fields are likely to see output drop to all-time low of 20 million standard cubic meters per day in 2014-15, Oil Minister S Jaipal Reddy said on Tuesday.
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The near-doubling of gas prices to $8 per million British thermal units that will kick in from next month will accrue to all producers in the country.
Natural gas output from KG-D6 in the week ended June 24 dropped to 30.82 mscmd from 31.57 mmcmd in the beginning of the month, according to a status report filed by the company with the Oil Ministry.
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Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
The ministry has attributed the fall in output to non-fulfilment of RIL's commitment to drill 22 wells in the field.
CAG had in its previous reports slammed Oil Ministry and its technical arm DGH for not exercising enough control and vigil over KG-D6 block.
Reliance Industries' eastern offshore KG-D6 oil and gas fields have seen output further dipping to 44.5 million standard cubic metres per day this month.
According to an official close to the development, in the coming financial audit report, to be tabled in Parliament's Budget session next year, CAG will detail the slide in the government's share in petroleum sector profits due to a drop in gas production.
Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.
The list includes CAG's request dated July 2, 2012 for information on award of contract for laying of a 1,395-km pipeline by Mukesh Ambani-owned Reliance Gas Transportation Infrastructure Ltd for shipping KG-D6 gas from east coast to the west.
The company's junior partner in block KG-DWN-2003/1 (or D3) Hardy Oil and Gas said there were 'unresolved mechanical issues' with Transocean's rig 'Deepwater Expedition' which was drilling an exploration well on the block.
The Directorate General of Hydrocarbons (DGH) last month wrote to Reliance asking it to drill two more wells by April to meet its commitment of drilling 22 wells in the phase-1 development of the Dhirubhai-1 and 3 or D1 and D3 gas fields in the KG-D6 block, official sources.
Sources said the Cabinet had in December last year stipulated that the new gas rate will apply to all producers excepting eastern offshore KG-D6 block where the contractor, which is fighting government against levying penalties for output shortfall, will have to give bank guarantees equivalent to the incremental revenue it would get from the new rates.
Reliance had last month struck gas in the fourth successive well on the block KG-DWN-2003/1 that lies close to its prolific D6 area in the Krishna-Godavari Basin in the Bay of Bengal.
A market-based gas pricing regime is to kick-in from next month.
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The company will invest $747 mn to increase production from D1, D3 and MA fields.
The projected output will come from satellite fields in the eastern offshore KG-D6 block as well as North East Coast block NEC-25, off the West Bengal coast.
The government had in May last year disallowed $1.005 billion expense of RIL on the flagging KG-D6 gas fields for not implementing the approved field development plan.
RIL's Dhirubhai-34, or R-Cluster field, in the flagging KG-D6 block was to produce about 13 million standard cubic metres per day of gas, equivalent to present day output from D1&D3 as well as MA fields, by 2017-18.
Mukesh Ambani's Reliance Industries (RIL) might be denied a higher gas price from its D1 and D3 fields until the arbitration process with the government is over and a third-party expert report on the fall in output at the KG-D6 block is out.
DGH director general V K Sibal objected to Hardy, which holds 10 per cent stake in RIL-operated D3 and D9 blocks, making 'an unwarranted, unethical and premature announcement that is bound to mislead' and influence share price. Sibal on May 29 wrote to Securities and Exchange Board of India chairman C B Bhave asking the market regulator to take up with its counterpart in London the unauthorised statement made by Hardy about its assessment of reserves in the two blocks.
Reliance Industries on Friday hit out at Oil and Natural Gas Corp (ONGC) for suing it over KG gas dispute, saying some elements in the state-owned firm may be "misleading" the chairman D K Sarraf to hide their failure in developing the discoveries made over 13 years.
RIL may go to arbitration which may lead to further delay in production and extra cost associated with the arbitration.
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Reliance Industries has put the cost of producing natural gas from its prolific Krishna Godavari basin fields at $2.9 per million British thermal unit and the firm will earn a pre-tax return of 13 per cent.
In addition to undertaking to validate prospects identified by the joint venture, GCA employed a play-based exploration methodology on the D3 block to address both the current prospect inventory and the 'yet to find' resource potential. In D3, GCA estimated 9.5 Tcf of inplace reseves. D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively, UK-based Hary Oil and Gas Plc said.
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.
The Mukesh Ambani-led Reliance Industries Ltd (RIL) might take a write-down on the KG-D6 block.
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The commission asks for notification to be deferred; RIL's KG-D6 pricing issue may return to Cabinet
RIL on Monday submitted a commerciality report for the Dhirubhai-39 discovery in block KG-DWN-2003/1, about 50 km off Machilipatnam in Andhra Pradesh, to the oil ministry and the directorate general of hydrocarbons. A company official said the well KG-V-D3-A1 flowed 38.1 million cubic feet per day of gas and the find was later named Dhirubhai-39.
In Q3, E&P business accounted for just 1.5% of gross revenue
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