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Oil Min seeks legal opinion on BP arbitration notice

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.

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.

Oil ministry seeks more flexibility for exploration companies

Last Updated: Monday, April 14, 2014, 18:38

The Oil Ministry has approached the Cabinet to give companies including Cairn India and Reliance Industries greater flexibility to continue exploring for oil and gas even after the expiry of deadlines.

SC appoints international arbitrator on KG basin dispute

Last Updated: Tuesday, April 01, 2014, 01:07

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.

Gas price: New govt may have fresh look at Rangarajan formula

Last Updated: Sunday, March 30, 2014, 13:47

The Rangarajan formula that doubles natural gas prices may not be implemented in totality as the new government is likely to fix infirmities in the formulation before accepting it.

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.

Election Commission asks Oil Ministry to defer new gas price

Last Updated: Monday, March 24, 2014, 12:30

A new pricing regime was to be implemented from next month for all private and public sector natural gas producers under which rates were to rise to USD 8.3 next month from current USD 4.2 per million British thermal units.

Law Ministry to opine on BP, Niko status in RIL arbitration

Last Updated: Tuesday, March 11, 2014, 14:33

The Oil Ministry has sought legal opinion to ascertain if British energy giant BP and Canada's Niko are part of the arbitration initiated by their partner Reliance Industries against the government levying penalties for KG-D6 gas production falling short of target.

HC notices to RIL, AP govt, Centre & CBI on KG-basin issue

Last Updated: Monday, March 10, 2014, 18:44

Based on a petition filed by Palem Srikanth Reddy, president of the Jana Palana Party, a division bench comprising justices G Rohini and T Sunil Chowdary issued notices and posted the matter on April 2 for further hearing.

RIL discoveries approved without appraisal: CAG

Last Updated: Sunday, March 09, 2014, 13:35

In a damning indictment, the CAG has said Oil Ministry and its technical arm DGH approved notification of now flagging gas discoveries in Reliance Industries' KG-D6 block despite the company not doing enough appraisal.

Govt may ask all refineries to produce fixed level of LPG

Last Updated: Thursday, March 06, 2014, 17:58

Government is likely to order oil refineries, including private sector Reliance Industries and Essar Oil, to maintain a minimum level of LPG production to ensure uninterrupted supply of cooking gas to the public.