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ONGC to invest $5 billion to develop KG basin oil and gas block

ONGC to invest $5 billion to develop KG basin oil and gas block

State-owned ONGC on Monday announced USD 5.07 billion investment in its KG basin oil and gas block but the delay on government's part in approving a higher gas price for difficult areas would mean the output would be delayed by one year to 2019-20

Govt's gas pricing formula not viable to develop KG gas: ONGC

Govt's gas pricing formula not viable to develop KG gas: ONGC

State-owned Oil and Natural Gas Corp (ONGC) has sent an urgent message to Petroleum Ministry, saying the natural gas prices according to a formula approved by the BJP-led government was not viable to develop its KG basin discoveries.

Production from GSPC fields in KG basin faces delay

Nearly a year after beginning trial gas production and investing USD 3.4 billion, Gujarat's GSPC is yet to start commercial production from its Deen Dayal discoveries in KG basin.

Andhra Pradesh to seek share in oil, gas revenue from KG basin

The Andhra Pradesh government on Monday decided to seek a share in the revenue from the oil and natural gas produced in the KG basin.

Oil Ministry rejects RIL arbitration notice, terms it 'untenable'

The ministry held that the move is in accordance with the provisions of the contract and there's no dispute that needs to be arbitrated upon.

Gas exploration from KG basin: Respond to CAG report, SC to RIL

The CAG, in its report tabled in the Parliament, found irregular payment of USD 427.48 million to contractors, of which it sought disallowance of at least USD 77.36 million cost.

Centre overrules Gujarat govt firm's demand for $8.5 gas price

The Centre has overruled Gujarat government-owned firm GSPC's demand for a gas price of USD 8.5 for its KG basin Deendayal field, saying the approved rate of USD 5.05 will apply on the company.

ONGC to spend Rs 16,200 cr to drill 45 wells in KG-Basin

The oil and gas major has approached the Ministry of Environment and Forests seeking clearance for preparing terms of References, according to the minutes of meeting of Expert Appraisal Committee.

Expert report on ONGC-RIL gas dispute by June: Pradhan

International expert D&M will by June next year submit its report on ONGC's claims of gas from its KG basin find seeping into the neighbouring gas field operated by Reliance Industries, Oil Minister Dharmendra Pradhan has said.

KG Basin, MNREGA among issues to be examined by PAC

Pending reports on KG Basin, UPA's flagship rural employment scheme MNREGA and indigenous construction of warships are among the 41 subjects selected by Parliament's key Public Accounts Committee for examination in the coming days, though it has skipped the 2G issue.

ONGC says needs $6-7.15 gas price to break-even

Pitching for a higher remunerative price for natural gas, state-owned Oil and Natural Gas Corp (ONGC) has said it needs USD 6-7.15 to break-even on gas it plans to produce from its most prolific KG basin block.

KG basin dispute: Fresh plea for appointment of arbitrator

A fresh plea was today made in the Supreme Court for appointment of a third arbitrator to resolve the dispute between the Centre and Mukesh Ambani-led Reliance Industries Ltd (RIL) on KG basin in the wake of an Australian judge recusing himself.

RIL fires fresh salvo at ONGC, denies gas theft allegation

RIL statement did not name the "elements" within ONGC who are misleading Sarraf.
Sarraf had on May 20 stated that ONGC had sued RIL to protest its commercial interest.

SC withdraws Spigelman as arbitrator in RIL-Centre dispute

SC withdrew the name of James Spigelman, who was appointed by it as third arbitrator to resolve the dispute between Centre and RIL on KG basin.

SC appoints international arbitrator on KG basin dispute

The Supreme Court Monday decided to appoint an international arbitrator as the Chairman for adjudication of dispute between Reliance Industries Ltd and the government over recovery of cost for developing the country's key natural gas field in KG basin.

PMO forwards Arvind Kejriwal`s letter on gas price to Oil Ministry

PMO forwarded to Oil and Petroleum Ministry letter written by Delhi CM Arvind Kejriwal demanding decision to hike gas price extracted from KG basin be kept in abeyance till completion of a probe.

Congress speaks of political vendetta after Kejriwal`s probe order

Congress on Tuesday cautioned against probe "inspired by political vendetta", as Arvind Kejriwal ordered filing of an FIR against its Veerappa Moily.

RIL repairing three shut wells at KG-D6 to raise gas output

"We can't drill any more wells on (main) Dhirubhai 1 and 3 (D1&D3) fields," RIL Executive Director P M S Prasad told reporters here.

RIL ramps up gas output from KG-D6

Reversing the declining trend, Reliance Industries has ramped up gas production at KG-D6 fields by about 15 percent as it added the first production well on the eastern offshore fields in almost four years.

RIL may double natural gas output if prices increase: Report

RIL currently produces about 11.7 mmscmd from the KG-D6 block.