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Govt slaps $380 mn additional penalty on RIL

Govt slaps $380 mn additional penalty on RIL

Government has slapped an additional penalty of USD 380 million (around Rs 2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.

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

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.

Crude oil production up 1.6%, natural gas down 10% in Dec

India's crude oil production rose 1.6 percent in December but natural gas output was down by 10 percent by the flagging eastern offshore KG-D6 fields of Reliance Industries.

Govt imposes $792 mn additional penalty on RIL

A notice disallowing USD 792 million out of the cost already incurred on the Bay of Bengal fields was sent to RIL on November 14, an oil ministry official said here.

SC agrees to hear plea for stay on RIL's arbitration petition

A bench headed by Chief Justice P Sathasivam before which the matter was mentioned, said that it will take up the case along with PILs filed on the issue of gas pricing in January next year after the winter vacation.

RIL pushes for foreign arbitrator on KG-D6 gas fields

The other two arbitrators are former Chief Justices S.P. Bharucha and V.N. Khare. While Justice Bharucha was nominated by the RIL, Justice Khare was nominated by the government.

Moily approves taking away 5 gas discoveries from RIL

The five discoveries - D4, D7, D8, D16 and D23 - hold 0.805 trillion cubic feet of reserves, or about one-fourth of the restated reserves in the currently producing Dhirubhai-1 and 3 (D1&D3) fields in KG-D6 block, and are worth USD 10 billion.

Double penalty on RIL to impact investment climate: Plan Panel

The Planning Commission has warned that imposing a second penalty on Reliance Industries for producing less-than-projected natural gas from its KG-D6 fields could impact investment climate in the same manner as retrospective tax amendments.

EGoM on gas to meet on July 25

A high-powered ministerial panel will meet on Thursday to consider making available natural gas to fuel starved power plants from sources other than Reliance Industries' KG-D6 fields.

Reports of withdrawing EGoM note on RIL gas price hike 'baseless': Ministry

The note in question was prepared during the tenure of earlier oil minister S Jaipal Reddy for the Empowered Group of Ministers (EGoM).