Cash-starved Niko to give stake in NEC-25 gas block to RIL, BP

RIL is the operator of the block with 60 percent interest while BP plc of UK has the remaining 30 percent stake.

RIL to defer gas field development if price outlook uncertain
RIL to defer gas field development if price outlook uncertain

Reliance Industries may defer development of R-Series and other satellite gas fields in the eastern offshore KG-D6 block if the gas price outlook was uncertain, its junior partner Niko Resources of Canada said.

Niko seeks 3-month extension to sell stake in KG-D6 block

Reliance Industries` consortium partner Niko Resources of Canada has extended by over three months its search for a buyer of its stake in RIL`s eastern offshore KG-D6 gas block to pay off debt.

Niko to sell stake in RIL block on lower gas price hike
Niko to sell stake in RIL block on lower gas price hike

Niko holds 10 percent stake in the KG-D6 block where a total of 20 oil and gas discoveries had been made and three out of them are in production.

BP Plc writes off $830 million investment in KG-D6 block

BP Plc has written down the value of its investment in eastern offshore KG-D6 block by USD 830 rpt USD 830 million, following lower-than-expected gas price hike.

Investment decision only after clarity on gas price: RIL

Reliance Industries has said it will make a final investment decision on producing gas from the R-Cluster discovery in the flagging KG-D6 block only after the government decides on gas price hike.

RIL gas field investments depend on acceptable pricing: Niko

Reliance Industries' USD 10 billion investment in new fields off the east coast depends on the government approving acceptable gas price, its junior partner Niko Resources said.

RIL, BP slap arbitration notice on Govt for gas price hike

RIL-BP-Niko on June 17 served a formal arbitration notice naming London-based Sir David Steel as its arbitrator.

'RIL to defer investment in developing new fields'

The consortium is also investing USD 1.529 billion in developing four other satellite fields that can produce 10 mmscmd.

Govt to slap additional penalty of $578 million on RIL

The government plans to impose an additional penalty of USD 578 million on Reliance Industries for producing less-than-targeted natural gas from its eastern offshore KG-D6 block.

Oil Min seeks legal opinion on BP arbitration notice

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.

BP, Niko seek arbitration over penalty for gas output decline

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.

BP, Niko to formally join RIL arbitration against Govt

Faced with a situation where the near double gas rate of USD 8 per million British thermal unit from next month not accruing to them, BP and Niko are said to be planning to formally issue a Notice of Arbitration (NoA).

BP, Niko say they are part of RIL gas arbitration

With new gas price announcement being held hostage to technicalities, British energy giant BP and Niko Resources of Canada have told Oil Ministry that they are party to the arbitration initiated by Reliance Industries on KG-D6 gas production lagging targets.

RIL to increase KG-D6 gas output

RIL and its partners BP plc of UK and Canada's Niko Resources have spud the seventh well on the MA oil and gas field in the KG-DWN-98/3 or KG-D6 block in Krishna Godavari basin.

RIL to get $8.4 price from Apr 1, higher rate in later quarters

Reliance Industries will get USD 8.4 price for the natural gas from its eastern offshore KG-D6 fields from April 1, 2014 and potentially higher rates in following quarters, its minority partner Niko Resources said.

RIL stock falls over 3% on reports of lower KG-D6 reserves

Shares of Reliance Industries Ltd declined more than 3 percent on Thursday after its Canada-based partner Niko Resources said that the firms's flagging KG-D6 gas block holds 80 per cent less reserves than previously estimated.

RIL's KG-D6 has 80% less reserves than estimated: Niko

Reliance Industries' flagging KG-D6 gas block holds 80 percent less reserves than previously estimated, the firm's junior partner Niko Resources of Canada said on Thursday.