Reliance Industries has sought tripling of its KG-D6 gas price from April 1, 2014 after the current below market rate of USD 4.205 per mmBtu expires.
Brokerages expect a further slowdown in Indian firms' revenue and earnings growth in Q4FY25, following low single-digit growth in the preceding three quarters, as factors like weak consumer demand and credit growth linger on.
The case was registered following a complaint filed by KP Sumesh, a local Communist Party of India leader, seeking legal action against Gopi for allegedly misusing an ambulance to reach the Pooram venue flouting police restrictions.
Technical bids opened today for Mallavaram-Vijaipur line, winner in three weeks.
Oil and Natural Gas Corporation has found some 600-700 billion cubic feet of natural gas reserves in Rajasthan's Chinnewala Tibba, bordering Pakistan, company sources said.
'Primary buyers are commercial taxi and fleet operators and small businessmen.' 'CNG prices have been remarkably stable unlike petrol.'
'Pakistan's only concern has been while they were on the FATF watch list was to distance their State institutions and organs from any direct connection with the actual execution of militancy inside Kashmir.'
The ministry had sent a draft proposal for the consideration of the Empowered Group of Ministers to price all domestically produced natural gas -- be of state-run ONGC or private sector Reliance Industries - as per the formula suggested by the Rangarajan Committee.
Modi said the push towards a gas-based economy where the share of environment-friendly fuel in the energy basket will be increased from 6.2 per cent to 15 per cent by 2030, will create lakhs of jobs and help meet India's COP-21 commitment of cutting emission intensity by 33-35 per cent.
The Eleventh Plan working group report, however, was based on projections of the directorate general of hydrocarbons (DGH).
India may ink an agreement with Iran in June this year on the import of natural gas through a $4.5 billion pipeline transiting through Pakistan.
Needed, it says, for covering its return and risks; also wants govt to stick to contract on output sharing
Reliance Industries has made drastic changes in gas supply contracts that will jack up its KG-D6 gas price by 10 per cent over and above the new rate of $8.3 coming into effect from next month.
Reliance Industries, India's largest company by market capitalisation, and GAIL India, the largest transporter and marketer of gas, have sought licences to sell natural gas to households and vehicles across 60 cities in India.
Reliance Industries on Friday dubbed as a "canard" allegations that the near-doubling of natural gas prices will lead to a similar hike in domestic cooking gas (LPG) and inflation in food item rates.
India's reforms are business-friendly rather than market-friendly, says T N Ninan.
The government plans to more than double the price of natural gas produced by Oil and Natural Gas Corp (ONGC) to $4.20 per mmBtu, in a move that will help the state-run firm break even in gas business.
The Budget has given signals that India is sensitive to the US needs and willing to walk the extra mile, but if need be, we should respond in equal measure as a sovereign nation, notes Ajay Srivastava.
GAIL (India) Ltd has pre-poned the supply of gas from the US and is looking to contract more LNG next year as it doubles down efforts to secure affordable energy supplies to meet the needs of Asia's third-largest economy, chairman Manoj Jain said. India's No.1 gas transporting and marketing firm has long-term liquefied natural gas (LNG) supply contracts from the US to Australia and with Russia, supplementing domestic gas supplies. "In 3Q (October-December 2021) we preponed a couple of cargoes (LNG shiploads) from supplies that we were to receive next year and we did it again in the current quarter," Jain told PTI. This is because US LNG costs one-third of the price of gas available in the spot or current market.
The Mumbai terror attacks may derail Reliance Industries' plans to start natural gas production from its eastern offshore D6 field from January 2009, as several ex-pats have refused to return to India citing safety reasons.
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.
India Gas Solutions the equal joint venture between the two companies, is looking to sell LNG to five power producers in Andhra Pradesh - GMR, GVK, Lanco Infratech, Sravanthi Energy and Konaseema Gas.
Natural gas is widely used as an important energy source in many applications.
The head of the UN's climate science panel, Jim Skea, has expressed concern over the accelerating pace of climate impacts, saying scientists have been surprised by the speed of temperature rise. Skea attributed the worsening situation to inaction on climate change and highlighted the need for urgent action to reduce greenhouse gas emissions. He also addressed concerns about the scientific messaging and the perception of imposed climate policies, emphasizing the importance of involving societies and people in climate change action.
Based on the panel's formula, the base price of domestic natural gas comes to around $7.4 per million British thermal unit (mBtu), but the pricing formula proposed by RIL, officials say, translates the price into $13-14 an mBtu.
Natural gas producers like Reliance Industries will need government approval for the formula used to calculate the price of the fuel, Petroleum Minister Murli Deora said on Tuesday.
The joint operators of the Panna/Mukta and Tapti oil and gas fields, British energy firm BG Group, Reliance Industries Ltd and Oil and Natural Gas Corporation, have hiked the price of natural gas produced from the Tapti field.
The Massachusetts State Police said in a tweet that residents in the affected areas who have gas service from Columbia Gas 'should evacuate their homes immediately if they have not done so'.
State-run Oil and Natural Gas Corp has demanded a 12.5 per cent hike in price of natural gas it produces from fields given to it on nomination basis as it was incurring losses at the present permal units.
The firm, which in recent years won the prestigious Zojila tunnel deal among other projects, forayed into city gas and acquired a media group, purchased electoral bonds of Rs 966 crore in total.
Now that the Bombay High Court has rejected the Ministry of Petroleum and Natural Gas' (MoPNG) attempts to help Mukesh Ambani's Reliance Industries Limited (RIL) wriggle out of its 2005 contract to supply 28 million metric standard cubic metres per day (mmscmd) of gas to Anil Ambani's Reliance Natural Resources Limited (RNRL), the pressure on it has increased several times over.
The wholesale inflation rose for the third consecutive month in May at 2.61 per cent on account of rise in prices of food articles, especially vegetables, and manufactured items. The wholesale price index (WPI) based inflation was 1.26 per cent in the previous month. It was (-) 3.61 per cent in May 2023. "Positive rate of inflation in May, 2024 is primarily due to increase in prices of food articles, manufacture of food products, crude petroleum & natural gas, mineral oils, other manufacturing etc," the ministry of commerce & industry said in a statement on Friday.
Minster of Petroleum and Natural Gas Murli Deora on Monday commissioned the first stretch of the Dahej - Panvel - Dabhol pipeline from Dahej to Surat.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
State-own oil explorer Oil and Natural Gas Corporation and the Hinduja group have been offered 40 per cent stake in the development of phase-XII of the giant South Pars gas field of Iran.
The output of eight infrastructure sectors registered a growth of 3.6 per cent in March 2023, the slowest in five months, showed government data released on Friday. The output of core sectors had increased by 7.2 per cent in February 2023 and 4.8 per cent in the year-ago month. The previous low was 0.7 per cent in October 2022.
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