The oil ministry has revised peak gas output from Reliance Industries' east coast block to 87 million standard cubic meters per day, a 9% jump from an earlier estimate of 80 mmscmd.
The first coal-bed methane (CBM) gas produced from Raniganj block is commanding a 67% premium over the price of Reliance Industries' KG-D6 gas, prompting Reliance and Essar to speed up similar projects which will add up to 10% of the country's current gas output in two years.
Former ONGC chairman RS Sharma talks to ET on contract for the Rajasthan oil block, where ONGC is a 30% partner of Cairn India.
Reliance Industries and BP’s proposed gas marketing joint venture will have to compete with others to access pipeline networks of Reliance Gas Transportation Infrastructure (RGTIL), a company privately held by Mukesh Ambani and promoters of RIL.
The oil ministry, seeking conditional approval for the deal, had sought the comments of the ministries of law, corporate affairs, finance and home.
ONGC will hold a final say in deciding fate of $9.6-bn Cairn-Vedanta deal as the oil ministry has proposed the firm's consent as a necessary condition.
State-run oil firms may raise petrol prices by up to Rs 4 a litre this week to offset rising crude oil costs as the Budget has ignored their demand to cut duties.
Vedanta Resources concealed crucial disputes involving billions of dollars in the documents filed with the Securities and Exchange Board of India for the mandatory open offer to shareholders in the $9.6-billion Cairn-Vedanta deal.
The oil ministry has given an option to the Cabinet to approve the transaction unconditionally while separately taking legal recourse to settle the royalty and cess disputes between ONGC and Cairn India.
Officials in the Directorate General of Hydrocarbons (DGH) say that RIL will also require approval of the management committees of 23 blocks separately.
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