Reliance Industries has challenged the oil ministry's latest move to deny higher gas prices to its old fields.
RIL and BP also decided not to pursue exploration in another nearby block, where gas was discovered but it was not significant, officials said.
Direct cash transfer cooking gas subsidy to be implemented in 289 districts before general elections
The government has planned to implement direct cash transfer of cooking gas subsidy to 7 crore customers in 289 districts by January next year.
Any government move to deny new gas price to Reliance Industries from April next year will be against the company's contractual right.
“These are merely proposals to contain an extraordinary situation because of war-like situation in Syria and devaluation of the rupee, an official said.
Private and state-run energy companies such as Essar Oil, Deep Industries, Jubilant Oil & Gas, Geo Global Resources, ONGC and Oil India have approached the cell.
Moily’s plan also targets saving $2-3 bn by raising fuel prices, particularly diesel. It includes saving about $8.5 bn by importing 13 mn tonnes crude oil from Iran.
The government’s headhunter has selected ONGC Videsh Managing Director DK Sarraf to head country’s biggest exploration firm, ONGC.
The petroleum ministry has finalized a shale oil and gas exploration policy, which will be tabled before the cabinet after the oil minister approves it.
The operator is asked to expedite development of R-series discoveries to reverse falling output from the block, govt officials said.
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