Of this amount, over Rs 16,000 crore (Rs 160 billion) is being invested to improve output from seven fields, he told company's shareholders.
Reliance gets $4.215 per mmBtu for the gas it produces from KG-D6 fields off the Andhra coast. The price is fixed for the first five years of production. KG-D6 gas production began on April 2 and is slated to rise to 80 mmscmd by year-end, nearly doubling the nation's gas output.
The agreement on pricing last month marks a significant step towards promoting energy security in the region, say Nisha Taneja & Samridhi Bimal.
A day after deciding to nearly double natural gas prices to $8, Finance Minister P Chidambaram on Friday hinted that power and fertiliser units may get gas at subsidised rates to keep electricity and urea costs down.
State Bank of India (SBI) and Housing Development Finance Corporation (HDFC) will see maximum inflows from passive trackers on account of the quarterly rebalancing exercise of the National Stock Exchange Nifty Bank Index. IndusInd Bank and AU Small Finance Bank could see maximum outflows. The rejig of the Nifty CPSE Index will result in inflows in Oil and Natural Gas Corporation, NTPC, and Coal India and maximum outflows in Bharat Electronics, according to Brian Freitas, a New Zealand-based analyst with Periscope Analytics.
Indications emerged on Friday on the possibility of India and Iran reviving an LNG deal struck last year, with Tehran offering a new price and New Delhi saying it was willing to raise its offer slightly.
Bajaj Auto, the king of the market for CNG-powered passenger three-wheelers, now wants to replicate this dominance in two-wheelers. The difference is that while the former is zooming - registrations for CNG-powered passenger three-wheelers nearly doubled during January-December 2023 - the latter, meaning a market for CNG-powered two-wheelers, does not exist.
Gas output from KG-D6 in the week ended April 1 dropped to 33.89 mmscmd from 34.09 mmscmd in the previous week, according to a status report filed by the company with the Oil Ministry.
Saturday's Quad meeting in Delaware is taking place against the backdrop of China's assertive behaviour in the South China Sea, its sabre-rattling in the Taiwan Strait and increasing footprints in the Pacific and Indian Ocean, asserts Rup Narayan Das.
In an attempt to hold on to its exploration blocks in the Krishna-Godavari basin, Oil and Natural Gas Corporation is in talks with British Gas (BG) and British Petroleum (BP) for joint exploration in four offshore blocks in the region.
Reliance Industries Ltd will invest $8.84 billion in producing 80 million standard cubic meters per day (mmscmd) of gas from its KG-D6 block in Krishna Godavari basin.
Production of eight infrastructure sectors expanded by 3.8 per cent in December 2021 against a 0.4 per cent contraction in the same month last year on better show by coal, cement and refinery products, according to the official data released on Monday. Barring crude oil and steel, all sectors recorded positive growth in December 2021. The core sector industries had grown by 3.4 per cent in November 2021.
Gas price hike seems to be a distant dream for Reliance Industries and its partners--Niko Resources and BP.
The government should scrap the windfall profit tax on domestically produced crude oil as the levy is adversely impacting the capex-intensive exploration of oil and gas, the industry said in its recommendation for the forthcoming annual Budget. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, a Rs 23,250 per tonne ($40 per barrel) windfall profit tax on domestic crude production was levied.
France's TotalEnergies has put on hold a planned investment in Adani Group's $50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller, chief executive Patrick Pouyann said on Wednesday. While the partnership where the French oil giant was to take a 25 per cent stake in the hydrogen venture of the Adani group was announced in June last year, TotalEnergies has not yet signed a contract, he said at an earnings call. "Obviously, the hydrogen project will be put on hold until we have clarity" from Adani group on the allegation levelled by US short-seller Hindenburg Research, Pouyanne said.
With RIL's KG-D6 output playing truant, steps need to be taken to stabilise the country's natural gas production.
Anjanappa, chief of the Chikkaballapur unit of the party, has alleged that several crores of rupees were involved in the alleged scam and hence a probe had to be initiated.
As chilly weather approaches, Norbert Skrobek, the chimney sweep, gets to work in Berlin. Skrobek says he is facing enormous demand from Berliners seeking to use coal or wood to heat their apartments as an alternative to natural gas due to skyrocketing energy prices.
A high pressure, highly inflammable gas leak was on Saturday reported at a well state-owned ONGC was drilling at its prime Mumbai High oil and gas fields, off Mumbai coast.
Iran on Friday invited India's Prime Minister Manmohan Singh and Pakistan President Pervez Musharraf to Tehran for signing a tri-nation deal on natural gas, supply of which could start from 2011.
The stage for negotiations to settle the Krishna-Godavari basin dispute is long over, says a government official
Former oil secretary Tarun Kapoor, present and former chairmen of ONGC and a former director of IOC, are among over a dozen people who have applied for the top job at the oil and gas regulator, PNGRB, sources said. Kapoor, who superannuated as Secretary to the Ministry of Petroleum and Natural Gas last month, is the most prominent name in the list of 13 persons who have applied to become the chairman of Petroleum and Natural Gas Regulatory Board (PNGRB). Oil and Natural Gas Corporation (ONGC) chairman and managing director Subhash Kumar and his predecessor Shashi Shanker are also in the race and so is G K Satish, who superannuated as Director for Planning and Business Development from Indian Oil Corporation (IOC) a couple of months back.
Ahead of the visit of US President George Bush, India has decided to join the US-backed Turkmenistan-Afghanistan-Pakistan pipeline to import natural gas to meet the fuel needs of its growing economy.
Contract does not provide for retrospective penalty for 'such' acts
Around Rs 40,000 crore (Rs 400 billion) investment in the power sector is in limbo for want of government decision on allocation of natural gas to the proposed electricity stations.
The government on Thursday decided to join the arbitration initiated by Reliance Industries and its partners over delay in revision of natural gas prices, and named former Supreme Court judge G S Singhvi as its arbitrator.
India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports, ICRA said on Tuesday. The domestic rating agency said based on its analysis, lower value of Russian oil imports is estimated to have led to savings of $7.9 billion in 11 months (April-February) of 2023-24, up from $5.1 billion in 2022-23.
Three years after India declared its goal to become a net-zero economy by 2070, the policy design for achieving the target has begun, with the NITI Aayog forming dedicated multi-sectoral committees to prepare a transition plan. In 2021, India joined a select group of nations that set a target year for becoming net-zero carbon economy. At COP26 in Glasgow, Prime Minister Narendra Modi outlined a five-pronged 'Panchamitra' climate action target for India and committed to a net-zero target by 2070, joining nations like the US, the UK, and China.
Shares of public sector enterprises have corrected by up to 22 per cent month-to-date until March 19, 2024. Analysts attribute this steep fall to the valuation exuberance seen after a sharp run in these counters last year and suggest investors remain selective regarding the stocks in this space. "The rally in public sector undertaking (PSU) stocks has been stretched and sharp, although it is somewhat justified by improvements seen in earnings, operations, balance sheets, and overall profitability.
The output of eight core sectors declined by 4.6 per cent in February, the steepest contraction in the last six months which experts said could drag the overall industrial production in the month into the negative territory. All the key segments, including coal, crude oil, natural gas, and refinery products, witnessed a decline in production, according to the official data released on Wednesday. The growth rate of the eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- stood at 6.4 per cent in February 2020. Last time in August 2020, the sectors had recorded a negative growth of 6.9 per cent.
A visiting delegation from Xinjiang Uyghur Autonomous Region of China and Indian industry on Monday decided to study the feasibility of laying a natural gas pipeline across the two countries.
The growth of eight key infrastructure sectors slowed down to a 4-month low of 8.1 per cent in September 2023 against 8.3 per cent a year ago, according to the official data released on Tuesday. The growth rate in the output of refinery products, fertiliser, cement and electricity during the month under review has decelerated, while it was negative in the case of crude oil. The previous low was in May, when the growth rate of these sectors stood at 5.2 per cent.
'This case is not a good example of intellectual property strategy for either sector.'
The framework agreement will be finalised by the end of the year.
A Committee of Secretaries will meet on July 6 to discuss pricing of natural gas to be produced from Reliance Industries' block off the east coast and whether the Centre should take its share in cash or kind.
Alka Mittal has been appointed interim chairman and managing director of Oil and Natural Gas Corporation (ONGC) - the first woman to head the country's largest oil and gas producer. Mittal replaces Subhash Kumar, another interim head who retired after reaching superannuation age on December 31. "The Appointments Committee of the Cabinet (ACC) has approved the proposal of the Ministry of Petroleum and Natural Gas for entrustment of additional charge of the post of chairman and managing director (CMD), ONGC to Alka Mittal, director (HR), ONGC for a period of six months with effect from January 1, 2022, or till the appointment of a regular incumbent to the post, or until further order, whichever is the earliest," the Department of Personnel and Training (DoPT) said in an order dated January 3, 2022.
The output of eight core sectors jumped by 56.1 per cent in April mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Monday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 37.9 per cent in April 2020 due to lockdown restrictions imposed to control the spread of coronavirus infection. In March this year, the eight sectors had recorded a growth rate of 11.4 per cent.
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