Reliance and Essar had captured 15-20% of the retail market eight years ago in a short span of two years after the government allowed private refiners to set up pumps.
The government proposes to grant the fuel-starved power sector the same priority as fertiliser plants for supply of depleting domestic gas.
Oilfields are leased to companies for 15-25 years, but before the lease expires the company needs to know if it will retain the field.
Indian Oil Corporation (IOC), country's biggest refiner, has raised Rs 1,700 crore from the bond market at 8.14%, company said in a statement.
Discoveries are made in deepwater blocks KG-DWN-2005/1 and KG-DWN-98/2 and the Kutch offshore block, GK-28, company said in a statement.
Vivek Rae has asked bureaucrats in the oil ministry to clear numerous pending issues about oil and gas exploration by May end or face action. .
The existing DG Rajiv Nayan Choubey, who joined the ministry last June, is expected to join the petroleum ministry as additional secretary.
"We are planning ECB because it is cheaper. We target to raise the money in May-June," director-finance TK Ananth Kumar told ET.
Ambani and Dudley met Prime Minister Manmohan Singh and top officials to press for quick approvals and marketbased price of natural gas.
India and Finland have identified several key areas of collaboration in sustainable development for mutual benefits in the oil & gas sector.
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