According to a joint statement from Reliance Industries (RIL) and BP, their jointly proposed $5 billion investment includes testing of a new layer of natural gas under the rapidly depleting fields in the KG-D6 fields. Both the firms agreed to invest jointly of $5 billion in the next few years to boost natural gas output in the flagging Krishna Godavari (KG) D6 basin gradually from 201
Tag: BP
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Joint venture of OIL, OVL to bid for Videocon’s stake
A joint venture of Oil India (OIL) and ONGC Videsh (OVL) is in race for the 10 per cent stake of Videocon Energy Ventures in MozambiqueĂâs Rovuma gas basin. The joint venture firm would compete with energy firms like ExxonMobil, PTT Exploration and Production Public Company, Shell, BP, and China's Sinopec for the stak
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CAG, RIL differ on audit of KG D6 block
Media reports suggest that the Comptroller and Auditor General (CAG) of India and Reliance Industries (RIL) are sparring over the scope of the audit for the KG-D6 natural gas fields. On January 17, the CAG has reportedly wrote to the oil ministry saying that RIL was not co-operating with the auditors due to differences over the scope of the audit
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CAG, RIL differ on audit of KG D6 block
Media reports suggest that the Comptroller and Auditor General (CAG) of India and Reliance Industries (RIL) are sparring over the scope of the audit for the KG-D6 natural gas fields. On January 17, the CAG has reportedly wrote to the oil ministry saying that RIL was not co-operating with the auditors due to differences over the scope of the audit
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RIL drills 54 new wells in US shale gas projects
Weekly Insight learns from media reports that Reliance Industries (RIL) has drilled 54 new wells in three shale gas projects in America. During the first nine months of 2012-13, the company witnessed 16 per cent sequential growth in prod
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RIL gets no order to stop work at KG block
Government has not ordered Reliance Industries (RIL) to stop work at any of its KG-D6 gas fields and other blocks that figure in the list of 14 areas that have been classified as "No-Go" areas by the Defence Ministry, company sources said. It may be noted that RIL's KG-DWN-98/3 or KG-D6 block is declared as "No-Go" as it overlaps with a prop
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RIL to borrow $500 mn from foreign investors
In order to fund its exploration activity and also for the expansion of its petrochemical business, Reliance Industries (RIL) is in the process of borrowing up to $500 million (Rs 2,701 crore) through issue of perpetual bonds to foreign investors. The company decided to borrow abroad despite sitting on a cash pile of around Rs 75,000 crore because it wa
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Oil ministry prefers amicable settlement of dispute
According to media reports, the union petroleum ministry prefers to weed out contentious issues with Reliance Industries (RIL) through negotiations rather than through legal means. It may be recalled that both the ministry and the company are locked in a dispute over recovering cost of developing KG-D6 basin from the revenue. RIL resorted to ar
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RIL produces 22.04 mmscmd gas from KG-D6
A report from the Directorate General of Hydrocarbon (DGH) shows that natural gas output from Reliance Industries' KG-D6 field stood at 22.04 million standard cubic meters per day in the week ended December 30, 2012. The output belongs to Dhirubhai-1 and 3 gas fields and MA oil and gas field in the KG-DWN-98/3 or KG-D6 bloc
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Experts call for early solution on KG D6 issues
Industry experts suggest that the government, Reliance Industries and BP Plc work towards an early resolution of the issues holding up investments in Krishna-Godavari (KG)-D6 basin. They feel that improvement in production of natural gas from the basin is essential to meet the ever rising demand for the fuel in