The company plans to save 40% capital expenditure and reduce about four years in developing three gas discoveries near RIL’s fields.
The rupee's sharp fall will boost earnings from oil and gas sales for ONGC, Cairn India, Reliance Industries and Oil India.
EGoM, which was scheduled to meet on Monday to determine priority supply of scarce natural gas to different sectors, has been postponed again.
Oil firms plan to slash petrol prices by more than Re 1 per litre shortly because of a fall in international rates.
The company had reported the first discovery in the Cauvery block 6 years ago, when it found a field that could produce 4 mmscmd of natural gas along.
Veerappa Moily prevailed on petroleum secretary for an "equitable" distribution of works, senior oil ministry officials said.
Tension is brewing between oil minister Veerappa Moily and petroleum secretary Vivek Rae over realignment of portfolios among bureaucrats.
State-run Oil & Natural Gas Corp posted a 34 per cent slump in quarterly profit, lagging expectations, as higher costs and write-offs hurt margins.
The oil ministry has retracted its move to allow successful explorers such as Reliance Industries and Cairn India to explore shale oil and gas.
RIL resorted to the arbitration after the oil ministry slapped a hefty penalty of $1.005 billion on the company for fall in gas output from its KG-D6 block last year.
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