A report by the Comptroller and Auditor General of India (CAG) found fault with ONGC for hiring a rig from Reliance Industries (RIL) in 2009 for six months at a cost of Rs 146.7 crore without bidding. While ONGC hired it in 2009 on grounds that it needed the equipment to drill three wells urgently, the CAG report suggests the rig was not necessary going by the
Tag: Reliance Industries
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Govt must pursue investor friendly policies in oil and gas sector
Some analysts attribute the abandoning of 15 oil and gas blocks by BP and Reliance Industries (RIL) to unfriendly investor policy of the government. But BP termed the relinquishment of blocks as a routine "portfolio management" exercise. These 15 blocks are part of the 21 blocks for which BP struck a $7.2-billion deal. According to industry observers, the development does not augur well for the dom
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Myanmar oil and gas blocks
Myanmar government shortlisted 61 companies to bid for 11 shallow-water and 19 deep-water oil and gas blocks in an international tender. Among these firms are India's Reliance Industries,
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Import of natural gas to operate power plants
The decline in the supply of natural gas from Reliance Industries' (RIL) KG D6 basin to gas-based power plants may prompt these units to import costly
R-LNG to operate their facilities. Anticipating sufficient gas availability, power producers set up a substantial amount of gas-based power capacity in recent
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Ministry examines proposal on pricing of KG D6 gas
Union petroleum ministry is examining the proposal of the Finance Ministry to ask Reliance Industries (RIL) to sell natural gas at lower rates ($4.2 a unit) for the supplies it still owes. In a recent letter to the petroleum ministry, the finance ministry suggested that the government must subject gas producers to closer regulation, especially on the
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RIL to ramp up gas output from $6.5 bn investment
By 2019-20, Reliance Industries (RIL) aims to ramp up natural gas production from its KG-D6 fields to 60 mmscmd and to achieve this the firm plans to invest $6.5 billion. Owing to water and sand ingress in some of the wells, gas output from the fields declined to around 14 mmscmd recently from a peak of 69.43 mmscmd in March 2010
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RIL agrees to share infra facility with ONGC
Reliance Industries (RIL) agreed to share its infrastructural facility on the East Coast of the country with Oil and Natural Gas Corporation (ONGC). Both the companies recently entered into a memorandum of understanding (MoU) in this regard. According to the MoU, both the firms would work out the mod
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RIL proposes $16-bn investment if pricing regime is favourable
An investment of $16 billion is proposed by Reliance Industries (RIL) on exploration and production of oil and gas in its fields in the next five years. The company expects to tap 3-4 trillion cubic feet (tcf) of gas through this investment. But the company feels that its investment would not be recoverable if the price calculated under the Rangarajan committee formula is
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BP chief suggests roadmap for gas pricing
Media reports indicate that Bob Dudley, Chief Executive of BP Group suggested the central government to prepare a clear roadmap for pricing of domestically produced natural gas in the country. Dudley feels introduction of a clear roadmap for gas pricing would attract more investment in the hydrocarbons secto
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RIL denied approval for $3.5 bn development plan
Owing to the absence of Drill Stem Tests (DSTs) to confirm the finds, the Directorate General of Hydrocarbons (DGH) refused to take forward the development plan of Reliance Industries' (RIL) in block NEC-25. RIL failed to conduct the above tests to confirm discovery in the NEC-25 block, off the Odisha coast. The firm made discoveries in D-32, D-40, D-9 and D-10 in the Block NEC-OSN-97/2 (NEC-25) and it sub