Reliance currently holds 90 per cent interest in KG-D6.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
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.
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.
Power plants, involving investments of Rs 100,000 crore, facing closure.
IGL had this month raised compressed natural gas (CNG) prices in the national capital by Rs 1.25 per kilogram to Rs 29 per kg and piped cooking gas to Rs 26 per cubic meter, as it bought more of imported LNG to meet the rising demand.
Modi govt is committed to extend the piped gas networks in the country to 30,000 kms in the next 15 years as against the 15,000 kms network today
The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided that some more technicalities needed to be ironed out and tasked the GoM for further deliberations.
Companies to hold rates in Delhi until new government is formed.
A market-determined price is the best option but the Constitution makes it clear that natural resources are a national asset.
Global steel giant Mittal Steel owned by NRI billionaire Laxmi Mittal is to cut consumption of natural gas at its Ukrainian steel plant following steep hike in gas price by Russia.
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.
The prices of natural gas for power and fertiliser units are likely to be raised by 12.5 per cent to Rs 3,600 per thousand cubic metres in July, according to oil secretary M.S.Srinivasan.
Reliance Industries Chairman Mukesh Ambani met top government officials on Tuesday, including Cabinet Secretary and Principal Secretary to the prime minister, to explain his company's approach to pricing of natural gas to be produced from KG basin.
The Petroleum Ministry in an order on Wednesday said it has revised guidelines for allocation/supply of domestic natural gas to city gas distribution entities for CNG and piped cooking gas sector.
The Delhi government has announced that vehicles older than 15 years will be denied fuel at petrol pumps starting April 1.
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.
Lowering excise duty on petrol, diesel, and other fuels, branded fuels.
Telangana Minister Uttam Kumar Reddy on Wednesday said the TBM that is struck inside will be cut into pieces by using gas cutters and removed. After this, the Army, Navy, Rat Miners and NDRF teams will make another serious effort to rescue the eight persons who are missing, without compromising their own safety.
The power and fertiliser companies should be prepared to pay higher prices of natural gas as the petroleum ministry favours economic pricing of the fuel, an official said on Thursday.
The government on Wednesday more than doubled the price of natural gas produced by state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd to $4.20 per mmBtu, at par with the rate at which Reliance sells its gas.
ONGC confirmed on discovering natural gas in KG basin off the Andhra Pradesh coast and Mahanadi basin off Orissa coast, but said the find in KG basin posts 'technological challenges' and it was on looking for a strategic partner.
Reliance Industries Ltd plans to invest over Rs 5,000 crore in setting up City Gas Distribution projects in eight cities in Maharashtra and Andhra Pradesh for supply of natural gas to households, industries and automobiles.
Days after the Cabinet approved doubling of natural gas price from April next year, the Finance Ministry has written to Oil Ministry suggesting setting of a ceiling or an upper limit for the rates.
The government on Wednesday put off a proposal to hike natural gas prices by Rs 350 per thousand cubic meters until the second half of 2004.
A major fire broke out at GAIL's natural gas pipeline in South Delhi's Satyaniketan area after it was perforated by civic construction contractors but there were no casualties reported.
"There is no change in situation. It may take a couple of days for the water to recede and restart of the facility," an ONGC official said.\n\n
The government had this month more than doubled RGPPL's allocation from KG-D6 to 5.67 million standard cubic meters per day that will help generate about 1,000 MW of electricity.
Those who stay in other countries illegally do not have any legal right to be there, Modi said.
CNG and piped cooking gas prices in cities such as Delhi and Mumbai may be hiked by 10-11 per cent next month as the government-dictated gas price is set to rise by about 76 per cent, ICICI Securities said in a report. The government, using rates prevalent in gas-surplus nations, fixes the price of natural gas produced by firms such as state-owned Oil and Natural Gas Corp (ONGC) from fields given to them on nomination basis, every six months. The next review is due on October 1.
The Ministry in a draft Cabinet note proposed accepting in toto the Rangarajan Committee recommendation of pricing domestically produced natural gas at an average of international hub prices and cost of imported LNG instead of present mechanism of market discovery.
Directorate General of Hydrocarbons Director General Rajiv Nayan Choubey did not take calls made for comments.
State-owned Oil and Natural Gas Corp (ONGC) has written to the Oil Ministry seeking appointment of an international expert to assess if Reliance Industries Ltd was drawing out any of its gas in KG basin.
A bench headed by Chief Justice P Sathasivam sought response from CBI on the petition filed by Civil society members including former Cabinet Secretary T S R Subramanian and ex-Naval chief Admiral L Ramdas seeking probe by the agency in the alleged 'collusion between RIL and the political establishment'.
The discovery was made in the west Tripura block in the Assam and Assam Arakan basin, the company said. Exploratory well Sundalbari-4 was drilled to a depth of 3,400 meters and flowed gas at the rate of 160,000 cubic meters per day. The gas contains upto 96.3 per cent methane, ONGC said, but did not give any estimates of potential reserves in the new discovery.
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