Cabinet nod sought to allow RIL to retain KG-D6 gas fields
10 years, 8 months ago

Cabinet nod sought to allow RIL to retain KG-D6 gas fields

The Hindu  

The Oil Ministry is seeking Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines. RIL has not been able to submit a development plan for D-29, 30 and 31 gas discoveries, which hold an estimated 345 billion cubic feet of reserves, with the prescribed timelines due to dispute with the upstream regulator DGH over tests required to confirm them. The three finds, which can be quickly put on production by RIL using existing infrastructure of currently producing gas fields as well as those being developed, are worth $1.45 billion at current gas price of $4.2 per million British thermal unit. Sources said the ministry is moving the Cabinet Committee on Economic Affairs for relaxation in the Production Sharing Contract timelines to help RIL monetise the finds.

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History of this topic

RIL-BP's Rs 40,000-cr investment plan in KG-D6 approved for developing three sets of natural gas discoveries
7 years, 1 month ago

RIL-BP's Rs 40,000-cr investment plan in KG-D6 approved for developing three sets of natural gas discoveries

Firstpost  

The finds will add around 20 million standard cubic meters per day of peak production, according to BP. New Delhi: A government oversight panel headed by DGH on Monday approved $4 billion investment plan of Reliance Industries and BP plc for developing three sets of natural gas discoveries in the KG-D6 block in the Bay of Bengal. RIL and BP …

RIL, BP to use floating system in deepest gas discovery in D6 block
7 years, 7 months ago

RIL, BP to use floating system in deepest gas discovery in D6 block

The Hindu  

Reliance Industries and its partner BP plc of the UK plan to use a floating production system at high-sea in the Bay of Bengal to bring to production the deepest gas discovery in the flagging KG-D6 block. The MJ-1 gas find is located about 2,000 meters directly below the currently producing Dhirubhai-1 and 3 fields in the eastern offshore KG-D6 …

RIL challenges oil ministry's decision to take away 5 gas finds
10 years, 1 month ago

RIL challenges oil ministry's decision to take away 5 gas finds

Firstpost  

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. New Delhi: Reliance Industries 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. RIL on 14 …

RIL to give up KG basin gas discovery block
10 years, 3 months ago

RIL to give up KG basin gas discovery block

The Hindu  

Reliance Industries will relinquish its Krishna Godavari basin gas discovery block, KG-D3 due to operational restrictions placed by the Defence Ministry. 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 of UK said on Wednesday. “The proposal sets out …

Gas price of over $6.5 key to monetisation of RIL discoveries
10 years, 6 months ago

Gas price of over $6.5 key to monetisation of RIL discoveries

Firstpost  

A four-member panel of secretaries is likely to submit its report on a new gas pricing mechanism to the government by tomorrow. New Delhi: A gas price of over $6.5 per million British thermal unit is a prerequisite for early monetisation of discoveries made by Reliance Industries, Deutsche Bank said. “Our channel checks indicate that a gas price over USD …

Can't terminate RIL's KG-D6 gas contract on target issue: Moily tells PM
11 years, 1 month ago

Can't terminate RIL's KG-D6 gas contract on target issue: Moily tells PM

Firstpost  

While the contract provides for termination in case of a default by a contractor, the Oil Ministry under S Jaipal Reddy in May 2012 had slapped penalty of $1.005 billion on RIL for failing to produce natural gas in line with the pre-stated targets. New Delhi: With AAP leader Arvind Kejriwal making the hike in gas prices an election issue, …

Higher gas price for RIL gets Cabinet nod
11 years, 3 months ago

Higher gas price for RIL gets Cabinet nod

The Hindu  

The Cabinet Committee on Economic Affairs, on Thursday, approved giving Reliance Industries Ltd. a higher price for natural gas from April next, subject to provision of furnishing around $135 million bank guarantee every quarter. According to the proposal approved by the Cabinet, the bank guarantee will be encashed if it is proved that RIL hoarded gas or deliberately suppressed production …

Oil Ministry moves Cabinet to deny RIL higher gas price
11 years, 6 months ago

Oil Ministry moves Cabinet to deny RIL higher gas price

The Hindu  

Oil Ministry is moving Cabinet to deny Reliance Industries a higher price of gas produced from its main fields in the eastern offshore KG-D6 block till the dispute over the reasons for output not matching targets is resolved. Now, the Ministry wants the old rates to continue for D1&D3 fields but the new price would apply to all other fields …

Moily to decide on RIL relinquishment proposal
11 years, 6 months ago

Moily to decide on RIL relinquishment proposal

The Hindu  

September 08, 2013 01:18 pm | Updated November 28, 2021 09:23 pm IST - New Delhi A proposal to force Reliance Industries to give up 86 per cent of eastern offshore KG-D6 gas block, including 8 gas discoveries worth at least $8 billion, has been put up to Petroleum Minister M. Veerappa Moily. If Mr. Moily decides to accept RIL’s …

RIL in fresh trouble as CAG questions Ministry on gas price hike
11 years, 6 months ago

RIL in fresh trouble as CAG questions Ministry on gas price hike

The Hindu  

The Mukesh Ambani-owned Reliance Industries Limited is in for more trouble as the Comptroller and Auditor-General has questioned the Petroleum and Natural Gas Ministry over the recent gas price increase and wanted to know the steps taken to ensure that the operator delivers gas at $4.2 mbtu as per the approved production plan. In view of the shortfall in gas …

Govt move to force old gas price for KG-D6 gas illegal: RIL
11 years, 6 months ago

Govt move to force old gas price for KG-D6 gas illegal: RIL

India TV News  

Govt move to force old gas price for KG-D6 gas illegal: RIL New Delhi: Lashing out at a move to force it to sell gas from main KG-D6 fields at old rate of $4.2, Reliance Industries said the "illegal" action runs contrary to the signed contract and New Delhi: Lashing out at a move to force it to sell gas …

RIL terms govt move to force old gas price illegal
11 years, 6 months ago

RIL terms govt move to force old gas price illegal

The Hindu  

Lashing out at a move to force it to sell gas from main KG-D6 fields at old rate of $ 4.2, Reliance Industries said the “illegal” action runs contrary to the signed contract and will stifle private investment in oil and gas hunt. Mr. Prasad said any move to penalise it on allegations of hoarding gas made by certain vested …

RIL gas price: Petroleum ministry may go to cabinet – Firstpost
11 years, 7 months ago

RIL gas price: Petroleum ministry may go to cabinet – Firstpost

Firstpost  

New Delhi: The petroleum ministry may approach the cabinet soon with a response to a finance ministry suggestion that Reliance Industries be asked to sell gas it has failed to deliver at the old price. Within days of the cabinet approving a gas pricing formula that will double rates to $8.4 per million British thermal units from April 2014, the …

Oil Ministry recommends hike in natural gas price
11 years, 10 months ago

Oil Ministry recommends hike in natural gas price

The Hindu  

The Petroleum and Natural Gas Ministry has moved a Cabinet note recommending a $6.7 per million metric British thermal unit price for domestically produced gas. Highly placed officials in the Ministry said the Cabinet note had pitched for a single price for all kinds of gas produced in the country which would benefit Oil and Natural Gas Corporation and Oil …

Govt disallows RIL's $1 bn expense on KG-D6
12 years, 4 months ago

Govt disallows RIL's $1 bn expense on KG-D6

Firstpost  

The government has disallowed $1 billion expense of Reliance Industries on the flagging KG-D6 gas fields for not implementing the approved field development plan, Oil Minister M Veerappa Moily said today. New Delhi: The government has disallowed $1 billion expense of Reliance Industries on the flagging KG-D6 gas fields for not implementing the approved field development plan, Oil Minister M …

RIL-BP JV give up 9 of 21 oil clocks on poor prospects
12 years, 5 months ago

RIL-BP JV give up 9 of 21 oil clocks on poor prospects

Firstpost  

UK’s BP has relinquished or surrendered nine out of the 21 oil and gas blocks where it has bought 30 percent stake from Reliance Industries for $7.2 billion, due to poor hydrocarbon prospects. BP had last year bought 30 percent stake in 23 oil and gas blocks of RIL including the gas discovery areas of KG-D6 and NEC-25. He said …

Reliance-BP relinquish 9 oil and gas blocks on poor prospects
12 years, 5 months ago

Reliance-BP relinquish 9 oil and gas blocks on poor prospects

India TV News  

New Delhi, Oct 15: UK's BP plc has relinquished or surrendered 9 out of the 21 oil and gas blocks where it had bought 30 per cent stake from Reliance Industries for $7.2 billion, due to poor hydrocarbon prospects. BP had last year bought 30 per cent stake in a total of 23 oil and gas blocks of RIL including …

KG-D6 dispute: move on to appoint arbitrator
12 years, 10 months ago

KG-D6 dispute: move on to appoint arbitrator

The Hindu  

The Petroleum and Natural Gas Ministry is understood to have approached the former Solicitor General, Gopal Subramanium, to act as arbitrator in the dispute with Reliance Industries Limited over the cost recovery issue in the KG-D6 block. It is learnt that Mr. Subramanium, who was the Solicitor General and was advising the government, during the gas dispute case between the …

Parl Panel Calls For Review Of All Contracts Of RIL KG-D6 Block
13 years, 3 months ago

Parl Panel Calls For Review Of All Contracts Of RIL KG-D6 Block

India TV News  

New Delhi, Dec 22: With gas production at Reliance Industries' KG-D6 block falling by more than one-third, a Parliamentary panel has called for review of all contracts and asked government to impose stringent provisions for failure to stick to committed work programme like drilling of wells. The Standing Committee on Petroleum and Natural Gas in its report tabled in Parliament …

Did Oil Ministry favour RIL?
13 years, 6 months ago

Did Oil Ministry favour RIL?

The Hindu  

The Comptroller and Auditor-General of India has charged the Petroleum and Natural Gas Ministry and the Directorate-General of Hydrocarbons of shelling out ‘undue benefits' to Mukesh Ambani owned Reliance Industries Ltd. for its blocks in KG basin. The CAG said the contractor was allowed to enter the second and third exploration phases of the blocks without giving up 25 per …

Cabinet clears BP-RIL deal
13 years, 8 months ago

Cabinet clears BP-RIL deal

The Hindu  

The Centre on Friday cleared BP Plc's proposal to acquire 30 per cent stake in Reliance Industries Ltd 's gas and oil blocks for $7.2 billion. “The Cabinet Committee on Economic Affairs approved the proposal to grant consent for transfer of 30 per cent participating interest of RIL to BP Exploration Ltd.,” Petroleum and Natural Gas Minister S. Jaipal Reddy …

Stage set for nod to Reliance-BP deal
13 years, 8 months ago

Stage set for nod to Reliance-BP deal

Live Mint  

New Delhi: The decks have been cleared for formalizing one of India’s biggest foreign direct investment deals after the petroleum ministry unconditionally approved the proposal allowing Mukesh Ambani-owned Reliance Industries Ltd to offload a 30% stake in its hydrocarbon blocks to London-based BP Plc. We’re awaiting their response in due course.” A total of 23 farmout applications were submitted to …

Oil Ministry refers BP-RIL deal to Cabinet
13 years, 8 months ago

Oil Ministry refers BP-RIL deal to Cabinet

The Hindu  

The Union Petroleum and Natural Gas Ministry has decided to refer the $7.2-billion deal of Britain's BP buying 30 per cent stake in Mukesh Ambani-owned Reliance Industries Ltd.'s oil and gas blocks to the Cabinet Committee on Economic Affairs for final approval. The deal involves RIL selling 30 per cent interest to BP in 23 exploration blocks, including eastern offshore …

Ministry to support NTPC in KG gas row
15 years, 7 months ago

Ministry to support NTPC in KG gas row

The Hindu  

In a turnaround of sorts giving a new twist to the ongoing battle over the KG basin gas, the Petroleum and Natural Gas Ministry on Wednesday decided to support the state-run NTPC in its legal battle against Mukesh Ambani-owned Reliance Industries Limited for fulfilling the commitment to supply natural gas at the 2004 price for its Kawas and Gandhar power …

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