Reports suggest that two months ago Reliance Industries (RIL) and its partner BP proposed to do a single Drill-Stem Test (DST) on their three finds -D-29, 30 and 31 at KG basin- to establish them as commercially viable finds. However, it is learnt that the Directorate General of Hydrocarbons (DGH) rejected the proposal as it feels that
Tag: RIL
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RIL, BP secure oil supply tenders from Egypt
Reliance Industries (RIL) and its British partner BP secured large crude oil supply tenders from Egypt for 2013. Reports suggest that RIL secured the bulk (18 cargoes) on offer from EgyptÂ’s Ras Gharib terminal, winning around 1.5 million tonne of the heavy crude. BP managed to get 15 cargoes in 2013, amounting to 1.2 million
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RIL to conduct maintenance of Jamnagar unit
Reports indicate that Reliance Industries (RIL) planned to conduct maintenance operation at its newer 580,000 barrels-per-day (bpd) Jamnagar refining complex in January. Consequently, the company plans to close its crude distillation unit and a secondary unit temporarily. The company is planning to shut a 13.5 metric tonne per annum (270
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Indonesian firm buys stake from RIL
PT Medco Energi Internasional of Indonesia bought the entire stake of Reliance Industries (RIL) in an exploration block in Yemen for about $90 million closing the deal which was announced in January. With this deal, Medco Energi will effectively have 21.25 percent participating interest (after taking into account a proportionate carried share of Yemen Oil and Gas Corp
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RIL bats for linking gas price to market
In order to encourage firms to produce natural gas from technologically challenging ultra deepsea, Reliance Industries (RIL) requested a committee headed by C Rangarajan to propose market-linked pricing.C Rangarajan, who is the Chairman of Prime Ministers' Economic Advisory Council, is heading a committee that is formed to examine terms of future contracts for explo
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Fall in refining margins may hurt oil firms
Many brokerages feel that the margins of Indian refiners may come under pressure because of a decline in the Singapore benchmark refining margin.If the margins remain at the current level in the remaining part of this quarter, margins of companies like Reliance Industries (RIL), Essar Oil and public sector firms like Bharat Petroleum (BPCL), Hindustan Petro
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CAG warns ministry against clearing RIL plan
In a letter to the union petroleum ministry, the Comptroller and Auditor General of India (CAG) warned that any increase in capital expenditure by Reliance Industries (RIL) in its KG-D6 basin may have significant adverse impact on government's financial interests. Therefore, the CAG advised the ministry not to permit any investment plan by the company in the gas field unless RIL allows CAG unfettered access to audit its spen
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CAG insists on its right to vet contractors’ documents
Comptroller and Auditor General (CAG) has asked oil ministry to ‘specifically incorporate’ its right to audit contractor(s) relevant documents of contractors in the future production sharing contracts (PSC).In a letter to Petroleum Secretary, the CAG’s Director General (Commercial) II, P Sesh Kumar said the government auditor must have access to the books, accounts, records, documents and financial statements of co
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Power plants may get KG D6 gas in rotation
Union Petroleum Ministry decided to allocate the scarce natural gas produced from the Reliance Industries' KG-D6 field on a rotation basis to power plant
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BP withdraws from 9 blocks
After initial assessment, UK's BP decided to withdraw from 9 oil and gas blocks in which it bought stake from Reliance Industries (R