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
Tag: natural gas
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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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Ministry works on coal bed methane policy
Union Minister for Petroleum and Natural Gas Veerappa Moily informed reporters that his ministry is in the process of revising the coal-bed methane policy introduced in 1997 in order to suit present conditions. He said the ministry would discuss with the coal ministry in this regard. Meanwhile, Moily said his ministry would be putting befo
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Oil ministry proposes to adopt new gas price formula
Media reports suggest that the union petroleum ministry wants the government to adopt the pricing formula for natural gas proposed by the Rangarajan Committee. Specifically, the ministry wants the pricing formula to apply to all forms of natural gas - conventional, shale and coal-bed methane (CBM). Also, the ministry prop
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Mining, quarrying sector contracts 5.5% in Nov
Output in the mining and quarrying sector declined 5.5 per cent during November 2012 as compared to the corresponding month of previous year, an official statement from Mines Ministry said. On a sequential basis, the output contracted 0.7 per cent in November 2012 to Rs 17,004 crore in value terms, mainly on account of less output of iron ore, natural gas and
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Govt subsidy may rise under pricing formula of panel
According to some estimate, government will have to bear an additional subsidy burden of Rs 28,800 crore if it implements the Rangarajan committee formula for pricing natural gas. The committee, set up under Prime Minister's Economic Advisory Council Chairman Rangarajan, suggested a price formula which is the mean of the prod
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EAC clears Cairn’s plan to raise output
The Expert Appraisal Committee (EAC) under the union environment ministry gave conditional clearance to the plan of Cairn India to raise crude oil output capacity from its Mangala Processing Terminal in Rajasthan. The approval would enable Cairn India to raise oil production from 175,000 barrels per day (bpd) to 200,000 bpd and associated gas from 35 to 40 million stan
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CERC seeks review of LPG distribution norms
Union petroleum ministry received a request from the Ahmedabad based Consumer Education and Research Centre (CERC) to reconsider the decision to allow only one gas connection for one address. In a letter to the ministry, the CERC argued that the rule could hit the joint family culture in India as it will impose an additional financial burden of purchasing cook
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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