This ad will auto close in 10 seconds


Oil field arbitration: Govt asks RIL, Shell, ONGC to pay $3 billion in penalty

Oil field arbitration: Govt asks RIL, Shell, ONGC to pay $3 billion in penalty

The government has sought about USD 3 billion from Reliance Industries, Royal Dutch Shell and ONGC following a "partial" arbitration award in its favour over cost recovery in Panna/Mukta and Tapti (PMT) oil and gas fields in the Arabian Sea.

Reliance Industries-ONGC gas row: Arbitration next port of call

Reliance Industries-ONGC gas row: Arbitration next port of call

As oil regulator DGH finalises the amount Reliance Industries may have to pay for producing ONGC's gas, the matter appears headed for arbitration owing to the premise used by AP Shah Committee that went into the issue.

Gas worth Rs 11,000 cr migrated from ONGC to RIL's KG-D6 block: Report

Gas worth Rs 11,000 cr migrated from ONGC to RIL's KG-D6 block: Report

US-based consultant D&M has submitted its final report on the gas dispute between ONGC and Reliance Industries, establishing that natural gas worth over Rs 11,000 crore has migrated from idling KG fields of the state-owned firm to the adjoining KG-D6 block.

ONGC to conduct DGH prescribed test to get KG gas going

State-owned ONGC has agreed to conduct tests prescribed by upstream regulator DGH to confirm three key gas discoveries in its Krishna Godavari basin block to end a standoff that stalled its USD 8 dollar project.

DGH to renegotiate fiscal terms of Cairn's Rajasthan block

"We have asked DGH to renegotiate terms with both the contractors, Cairn and Oil and Natural Gas Corp (ONGC)," a senior government official said.

RIL marked all correspondence with Oil Min, DGH

Reliance Industries had marked all copies of its correspondence with the Supreme Court-appointed Tribunal on KG-D6 cost recovery issue to the Oil Ministry and its technical arm DGH.

Cairn to get 10-year extension for Rajasthan block

The current PSCs provide for a 5-year extension in case of an oil field and 10 years in case of gas discoveries.

DGH rejects ONGC's three KG gas discoveries

Sources said the ministry feels that taking away the discoveries and rebidding the finds may lead to delay in development. Also, the move may attract legal challenge.

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

RIL has not been able to submit a development plan for D-29, 30 and 31 gas discoveries, which hold an estimated 345 billion cubic feet of reserves.

CAG slams OilMin, DGH for poor monitoring of RIL KG-D6 block

The Comptroller and Auditor General of India (CAG) has slammed Oil Ministry and its technical arm DGH for not exercising enough control and vigil over Reliance Industries' KG-D6 block which led to losses of several hundred millions of dollars to the exchequer.

Talukdar to take over as DGH Thursday

Talukdar, who currently is director for exploration in Oil India Ltd. (OIL), will replace a bureaucrat at the DGH.

Oil Ministry split on extra time for RIL to validate gas finds

The Petroleum Ministry is split down the middle on allowing Reliance Industries extra time to validate five natural gas discoveries worth USD 10 billion.

DGH disagrees with Kelkar report on oil exploration contracts

Kelkar, who was Oil Secretary from 1995 to 1997, submitted the first part of his report last week.

Ministry forms panel to codify discovery-recognition norms

Amid disputes over recognition of oil and gas finds, the Oil Ministry has formed a panel headed by the Director General of Hydrocarbons (DGH) to codify globally recognised industry practices for adoption in India.

RIL to invest $3.2 bn to bring D34 gas discovery to production

Reliance Industries has said it will invest USD 3.2 billion in bringing to production the satellite D34 gas discovery to reverse the decline in output at the Bay of Bengal KG-D6 block.

RIL thrashes expert report on KG-D6 output fall

Reliance Industries has thrashed a report of DGH-appointed one-man expert on reasons for fall in output at its KG-D6 fields saying the study of such a complex reservoir was prepared and issued in just one week.

RIL says DGH shifting goalposts to strip off its discoveries

Reliance Industries Ltd (RIL) has accused oil regulator DGH of shifting goalposts to strip off 8 gas discoveries holding 1.15 trillion cubic feet of reserves worth USD 14 billion from its eastern offshore KG-D6 block.

RIL-BP win approval for $3.18 bn plan for R-Series gas field

Reliance Industries and its partner BP Plc on Thursday won approval to invest USD 3.18 billion in R-Series gas field in the flagging KG-D6 block.

Difficult to implement FinMin suggestion on RIL: DGH

Oil regulator DGH has cited practical difficulties in implementing finance ministry's suggestion that Reliance Industries should not be allowed to raise natural gas prices until it makes up for producing less than the projected output since 2010.

DGH fines Reliance Industries $1.78 bn for gas shortfall

Oil regulator DGH has recommended an additional penalty of USD 781 million on Reliance Industries, taking the total fine on the company for producing less than projected natural gas from KG-D6 fields to USD 1.786 billion.