The withdrawal of the arbitration will now entitle the two companies to marketing and pricing freedom on the natural gas they produce from newer fields in the deep sea at an investment of Rs 40,000 crore by 2022.
Training his guns on BJP's prime ministerial candidate again over the Reliance gas issue, the Aam Aadmi Party on Friday asked Narendra Modi whether he will bring down the gas price if he comes to power.
Keshav Joshi's tongue in cheek look at Narendra Modi's mega plans.
President Pranab Mukherjee, the former trouble-shooter of the Congress party, may informally 'guide' the Union government in drafting the bill on the creation of Telangana.
The move is likely to force the government to take a faster decision.
The 30-share Sensex ended down 297 points at 27,438 and the 50-share Nifty closed 93 points lower at 8,305.
Sharp improvement in refining margin is expected to be the prime driving force.
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.
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.
ONGC takes Reliance to court, alleging years of stealing from its offshore block and a sleeping govt, right after it was agreed there would be a probe by experts.
RIL has proposed to charge the government- fixed rate for natural gas on a gross calorific value (GCV) basis, instead of net calorific value (NCV).
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.
The Reliance gas pricing issue is likely to find a place in the Aam Aadmi Party's manifesto as the new party has already indicated that it will be among the major issues to target the Bharatiya Janata Party and the Congress in the Lok Sabha election.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
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.
ONGC has suffered a loss of over Rs 30,000 crore due to alleged siphoning off of natural gas by Reliance Industries Ltd (RIL) from the PSU's well in Krishna-Godavari (KG) basin and appointment of an experts body on the issue "will not help", the state-run oil firm said.
In the past, the absence of commercially viable gas prices had not only discouraged high-risk new exploration activity but also hindered the development of some of the existing discoveries, such as the satellite fields in the Reliance Industries' eastern offshore KG-D6 block.
Samvat 2070 was a great year for top Indian conglomerates in the stock markets.
A new formula for pricing natural gas in the domestic market was determined; the decontrol of diesel prices was announced; and the scheme that directly transferred subsidies to bank accounts of users of liquefied petroleum gas (LPG) cylinders was modified and relaunched.
But earnings of main private holding firm get a booster dose from RIL dividend
Union government limits powers of Anti Corruption Bureau to corruption cases involving Delhi state govt officials
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
The arbitration clause is present in almost 95 per cent of corporate agreements, according to tax and audit firm Ernst & Young.
RIL has denied knowingly producing any gas from the ONGC block
Congress stalwart Murli Deora passed away on Monday morning after battling a prolonged illness. He was a politician who shared rapport across the political and corporate spectrum.
Ruias to sell Essar Steel stake to strategic partners.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
The Supreme Court on Friday granted six weeks time to Mukesh Ambani's Reliance Industries Ltd (RIL) to respond to the final CAG report which found alleged irregularities including in payments made to the contractors on drilling of D6 wells at the Krishna-Godavari basin.
'He keeps reminding me he is senior. There is no debate in this. I have never shown any disrespect to you since you are a senior,' the PM said.
Riding on a stock market boom since 2009, India Inc's chief executives have been able to salvage a lot of lost pride in their second innings.
Investors accumulated quality stocks at valuable and attractive levels.
BC Tripathi, who helms India's largest natural gas marketer and transporter -- GAIL, discusses last-mile connectivity to homes with Jyoti Mukul and Shine Jacob.
Reason behind for the change in his stance: gas price increase.
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.
Dispute resolution provisions in the production sharing contract remained unimplemented, while the regulator faltered, points out Jyoti Mukul.
While lower gas output led to earnings cuts, price rises with regular ramp-ups in output will lead to earnings upgrades
ONGC must tackle several issues first only then it can turnaround its fortunes.
The market players are expected to react to the better than expected factory output data for the month of August, which revealed that the industrial production grew by 6.4%.
Dharmendra Pradhan lays bare the next course of action for his ministry and says RIL will have to pay the same price at which it produced the volumes.
The committee said whatever benefit RIL received in terms of the migrated gas is liable to be returned to the government.
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