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.
ONGCt has made another significant oil and gas discovery in its Krishna Godavari basin.
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.
Over the past decade, RIL has never announced lesser dividend to its shareholders even when faced with lower profits
RIL has slapped an arbitration notice challenging oil ministry's decision to take away 814 square kilometer of its eastern offshore KG-D6 area that contained five gas discoveries.
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.
While government/PSU procedures focus on piece meal & individual tenders taken on standalone basis, avoiding delays and cost of not doing things becomes a primary consideration in PSC procurement
The company had received a loan restructuring package from banks under the 5/25 scheme last year.
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.
The government has formed a four-member panel of secretaries to suggest a new gas pricing mechanism.
The petroleum ministry has blamed negligence for causing the devastating fire at state-owned gas transporter GAIL India Ltd's gas pipeline in Andhra Pradesh that killed 22 people.
To increase gas availability for power plants, the Ministry of Petroleum and Natural Gas has taken various steps.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
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.
Contract does not provide for retrospective penalty for 'such' acts
State-owned Oil and Natural Gas Corp (ONGC) has signed a contract to hire a long-idled ultra-deepwater drillship of US-based Transocean for $412,000 (about Rs 2.39 crore) per day.
'If the government starts playing favourites, if the government acts in a manner which is not transparent, then natural resources which belong to not just you and me, but future generations, they fritter away. The anger against corruption, the anger against India's natural resources being looted is a consequence of the fact that within society there is a huge amount of turmoil and discontentment. Why should an Empowered Group Of Ministers or the Cabinet Committee on Economic Affairs decide the administered price of gas?' asks Paranjoy Guha Thakurta in this exclusive interview with Rediff.com's Sheela Bhatt.
The newer gas finds will help turn the tide for ONGC, which has seen oil and gas output stagnating in recent times.
Keshav Joshi's tongue in cheek look at Narendra Modi's mega plans.
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.
The company will invest $747 mn to increase production from D1, D3 and MA fields.
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.
The Supreme Court on Wednesday agreed to hear a plea seeking stay on arbitration proceedings on a dispute between Mukesh Ambani-led Reliance Industries Ltd (RIL) and the government over recovery of cost for developing the country's key natural gas field in the Krishna-Godavari (KG) basin.
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.
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.
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.
RIL had drawn 58.67 bcm from the wells up to March 31, 2015.
Reports have put the IPO pipeline between 19 and 30 issues, of Rs 10,000-20,000 crore or Rs 100-200 billion.
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.
'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.
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 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.
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.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
RIL has denied knowingly producing any gas from the ONGC block
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.
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