The oil ministry has issued a directive on the apex court’s orders to distribute cheaper domestic gas to all cities equitably.
The bank guarantee will be encashed if it is proved that RIL hoarded gas or deliberately suppressed production at the D1&D3 main gas fields.
Many gas discoveries would become commercially viable once the new price is notified, oil ministry officials said.
The government’s plan to sell 10 per cent stake in state-run IOC has run into rough weather after tepid investor interest.
The oil ministry took the decision after the solicitor general said the move would not impact the arbitration proceeding over the penalty of $1 billion.
Modi’s letter to the PM complaining unfair treatment of Gujarat in natural gas allocation is being tossed around in the Central government.
For the government, the proposed move would be a safeguard because if it is proved later that Reliance is not hoarding gas.
With its experience and new technology, Cairn is sure to raise the output at the block and could turn it into India’s biggest producing field.
The government plans to form an empowered group under the oil minister to grant "operational flexibility" in enforcing contracts.
The oil ministry plans to relax rigid provisions in oil and gas contracts that will safeguard energy explorers’ interests.
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