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Oil Min seeks legal opinion on BP arbitration notice

Last Updated: Thursday, April 17, 2014, 19:01

Oil Ministry has sought legal opinion on the arbitration notices slapped by British energy giant BP and Niko Resources of Canada against levy of penalties for KG-D6 gas production falling short of target.

No favour from Govt in KG basin: RIL to SC

Last Updated: Wednesday, April 16, 2014, 19:50

Senior advocate Harish Salve, appearing for RIL, denied allegations of favour and collusion and said the company was in dispute with the government on several issues.

Oil Min to move Cabinet to allow RIL to retain gas finds

Last Updated: Tuesday, April 15, 2014, 15:43

The Oil Ministry is moving the Cabinet to allow Reliance Industries retain three gas discoveries worth USD 1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines.

ONGC may save up to $800 mn if it uses RIL's KG set-up: Report

Last Updated: Monday, April 14, 2014, 15:24

In July last year, ONGC had inked a Memorandum of Understanding with RIL to explore the possibility of sharing the latter's infrastructural facility in the East Coast.

ONGC, RIL to appoint joint expert to resolve gas dispute

Last Updated: Sunday, April 13, 2014, 12:55

ONGC says at least three wells drilled by RIL on the boundary of KG-D6 block in Bay of Bengal are within "few hundred meters" of its gas fields. It fears the fields are connected and RIL may be drawing out its gas.

RIL says new gas rates to be effective April 1

Last Updated: Wednesday, April 09, 2014, 18:01

After agreeing to temporarily sell gas to urea plants on old terms, Reliance Industries has told its sole customers the new formula, which almost doubles the price of the fuel, will apply from April 1.

RIL, fertiliser companies fail to agree on gas supply terms

Last Updated: Monday, March 31, 2014, 23:21

After an almost five-hour marathon meeting between RIL and urea companies, the two sides failed to settle on the rate at which gas supplies should be securitised.

RIL to sell gas at current rate as govt defers price revision

Last Updated: Friday, March 28, 2014, 20:36

Reliance Industries will continue to sell natural gas from its eastern offshore KG-D6 fields at the current rate until the next government decides on a revision in prices.

BP, Niko seek arbitration over penalty for gas output decline

Last Updated: Friday, March 28, 2014, 19:24

BP and Niko filed separate arbitration notices earlier this week, a move that will help them benefit from revised natural gas prices in the next financial year, sources privy to the development said.

OilMin summons RIL, consumers to discuss extending gas sales

Last Updated: Wednesday, March 26, 2014, 19:58

The Oil Ministry has summoned Reliance Industries and consumers who use its KG-D6 gas for a meeting later this week to decide on extending sales contract beyond March 31.

RIL to charge KG-D6 gas consumers on revised terms from April

Last Updated: Monday, March 24, 2014, 22:29

Reliance Industries on Monday said it will from next month charge consumers of its KG-D6 gas on changed terms as the gas pricing formula to be implemented from April has components that will result in rate on gross calorific value basis.

RIL changes contracts, price to rise 10% over new rate of $8.3

Last Updated: Sunday, March 23, 2014, 14:47

Currently, most of the domestically produced gas is priced on NCV basis.