Widening of the tax base, doing away with cess and surcharge, improvement in compliance and moderation in tax for emerging sectors are some of the suggestions submitted to the Finance Ministry ahead of the Budget by Think Change Forum (TCF). Experts are of the opinion that there is a need to grow tax revenues for the government to drive economic growth and make investments in developmental activities, TCF, the think tank said in a statement. Towards this end, poor compliance was identified as a weak link in achieving targeted collections leading to complex issues like overtaxing, complicated tax structures, rising litigation, among others.
"Lady candidates need not apply." So read the postscript in a job notice from Telco (now Tata Motors) on a notice board in the corridors of the Indian Institute of Science, Bangalore (now Bengaluru), in 1974. Irked, Sudha Murty, who was then pursuing her masters in computer science at the institute, wrote a postcard to JRD Tata, expressing her surprise at this gender discrimination, especially since the Tata Group were pioneers on many fronts. Shortly, Murty became the first woman on the firm's shop floor.
Upstream regulator Directorate General of Hydrocarbons has sent notices to Reliance Industries and Niko Resources of Canada, seeking explanation as to how they arrived at the increased figure of 35.4 trillion cubic feet (tcf) of gas reserves.
If proved correct, MJ-1 would the third biggest gas field in KG-D6 after D1&D3.
"As on date, GSPC has drilled 15 wells, of which 11 have proven reserves of 10.8 tcf. The gas production in the field, spread across 1,850 sq km, is likely to kick off after two-and-a-half years," Saurabh Patel, the state's energy and petrochemicals minister, informed the assembly. Of the 15 wells, GSPC received success in 11 wells, while three showed no gas flow. Testing in one well is yet to be done.
In addition to undertaking to validate prospects identified by the joint venture, GCA employed a play-based exploration methodology on the D3 block to address both the current prospect inventory and the 'yet to find' resource potential. In D3, GCA estimated 9.5 Tcf of inplace reseves. D-3 and D-9 blocks in the same KG basin may hold 9.5 Tcf and 10.8 Tcf of gas reserves respectively, UK-based Hary Oil and Gas Plc said.
ONGC Videsh, Indian Oil Corporation and Oil India have together proposed to invest $3 billion in developing the Farsi gas field in Iran.
RIL and partner BP plc are carrying out remedial action to stop water ingress from choking wells even as the first production well on the block in more than four years ramped up output by over 15 per cent to 13.7 million standard cubic meters per day.
With two of its clusters - R-Series and Satellite Series - likely to start production in the next two years, the company looks to turn around production from this business.
For India's upstream sector that has seen no new discovery coming into production.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
Reliance Industries' gas field off the Orissa coast holds 2.3 trillion cubic feet of gas reserves, more than double the previous estimates.
ONGC Videsh Ltd and Oil India Ltd will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for $2.475 billion.
RIL has more than half a dozen undeveloped discoveries.
The reserves in Farzad-B are almost thrice the largest gas field in India.
According to an official close to the development, in the coming financial audit report, to be tabled in Parliament's Budget session next year, CAG will detail the slide in the government's share in petroleum sector profits due to a drop in gas production.
Reliance Industries Limited had in late-August filed a revised field development plan for discoveries Dhirubhai-1 and 3 (D1&D3) in KG-DWN-98/3 cutting gas reserves to 3.10 Trillion cubic feet from 10.03 Tcf approved in 2006.
The D1&D3 fields in KG-D6 block were originally certified to hold 10.03 trillion cubic feet of proved plus probable (2P) reserves, of which about 2 Tcf have already been produced in last three years.
.jpg)
The 25-year production sharing contract, however, ends in 2029.
Reliance Industries (RIL) has cut estimates for proven gas reserves in its Krishna-Godavari block off the east coast by 6.7 per cent, to 3.67 trillion cubic ft (tcf), the company said in its annual report.
Reliance Industries' flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said.
Here are some of the striking moments captured by Reuters photographers as United States voters went to the polls and the stories behind the images.
RIL and Shell ceased production from the fields in 2016, and ONGC has already been using Tapti infrastructure for its other fields for better optimisation.
In the third acquisition in 10 months, state-owned Oil and Natural Gas Corp (ONGC) and Oil India Ltd (OIL) will buy Videocon Industries' 10 per cent stake in a giant Mozambique gas field for about $2.5 billion.
The development plan under preparation is for earlier find in KG-8 well in June 2005. GPSC believes it will take two years from the date all approvals are in place, including the one for development plan, which details investments and volumes to be produced, for starting production from the block KG-OSN-2001/3 off the Andhra coast.
Biden -- who bagged 253 seats as against Trump's 213 -- appeared to be nearing the magical figure of 270 of the 538 electoral college votes.
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.
Seeing the potential of shale gas, Reliance Industries moved early to secure a foothold in the Marcellus shale reserves in the US.
The government has slapped an additional penalty of $792 million on Reliance Industries for producing less than targeted natural gas from its eastern offshore KG-D6 block.
Gujarat State Petroleum Corp Ltd, which discovered India's largest ever gas field last week, plans to start production by December 2007 with an initial output of 10 million standard cubic metres per day.
A report, by DeGoyler and MacNaughton, has put a question mark on the future production from the five ONGC discoveries.
The Mukesh Ambani-led Reliance Industries Ltd (RIL) might take a write-down on the KG-D6 block.
While the government had in June approved a new formula for pricing of all domestically produced natural gas, the Cabinet yesterday allowed the same principles to also be applied to Reliance Industries' currently producing fields in KG-D6 block subject to certain conditions.
.jpg)
The Management Committee headed by Director General of Hydrocarbons R N Choubey refused to take a view on appointment of renowned reservoir consultants Ryder Scott, DeGolyer and MacNaughton, Gaffney, Cline & Associates or Netherland, Sewell & Associates to ascertain if RIL's claims of fall in reserves are actually true or the firm was hoarding gas by producing less, official sources said.
RIL, its partner BP plc of UK will invest about Rs 6,000 crore (Rs 60 billion) by 2016 to help sustain and improve recovery from the two main gas fields.
The 'failure' to drill the committed 50 wells on the KG-D6 fields led to natural gas output dramatically falling over the past three years.
Top Indian and foreign players for one-off women's T20
Government had proposed a revised investment plan for the main gas fields in the KG-D6 block.
The government recently announced a new formula for determining the price of natural gas, lowering it from $8.4 suggested by the C Rangarajan committee.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances