“There will be no changes in PSC (production sharing contract) with Reliance,” Reddy told reporters on the sidelines of the 3rd India-Africa Hydrocarbons conference.
Reliance Industries has asked for a 50% rise in the price of natural gas produced from new discoveries at its KG-D6 block.
The gas production from the block has dropped to below 45 mn standard cubic meters per day against the approved output of 80 mmscmd.
Petrol prices are expected to fall more than Rs 2 a litre from Thursday, the second successive cut in two weeks.
The oil ministry has again reshuffled key officials handling crucial oil and gas issues, delaying crucial decisions as fear of transfers.
IOC and BP sign MoU to explore potential for a one million tonne per annum acetic acid plant.
The government has initiated steps for the assessment of shale gas prospectively in selected on land basins and the country has access to required technology.
The government has refused to recognise six discoveries of Reliance Industries in its D-6 block saying the claims were not backed by prescribed tests.
A government official, however, said the oil ministry's intervention cannot be ruled out. "Oil is a sensitive commodity.
Petrol is expected to be cheaper by about Rs 2.22 a litre in Delhi from Tuesday midnight as state oil firms have decided to cut its rates.
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