India to save $9 billion in import bill

Staff Reporter

Expects its profit share in the block at $14 billion.
BS Reporter / Mumbai April 3, 2009, 0:59 IST

Mukesh AmbaniAfter over six years of bagging the KG-D6 block in the Krishna Godavari basin during the first round of the New Exploration and Licensing Policy (Nelp), Reliance Industries (RIL) commenced gas production from the block on Thursday.

At a time when India is largely dependent on imports (by over 70 per cent) for its oil and gas requirements, there have been discoveries made that need to be studied further before their exact potential can be realised. The Bundelkhand area of Madhya Pradesh is one such place where discoveries of gas have been made in the recent past. The first instance of this was when Rajesh

NEW DELHI: Seeking to expand the relationship in the energy sector, India and the U.S. have agreed to collaborate in developing gas hydrate resources, the ice-like structure that has natural gas trapped between water molecules found in abundance off the East Coast.

Both countries signed a memorandum of understanding (MoU) in this regard in Washington on Tuesday.

The Cabinet Committee on Economic Affairs (CCEA) today approved the award of 44 oil and gas exploration blocks under the seventh round of auction of the New Exploration Licensing Policy (Nelp-VII). The allotment is expected to attract investments of $1.5 billion, around 57 per cent less than the $3.5 billion commitment for the 52 blocks awarded under the previous auction.

NEW DELHI: The Cabinet Committee on Economic Affairs on Thursday gave the go ahead for awarding 44 oil and gas exploration blocks with Oil and Natural Gas Corporation (ONGC) bagging the maximum along with its partners and first timers BHP Billiton-GVK Power. This initiative to reduce reliance on imported energy is expected to attract $1.5 billion investment.

BANGALORE: Oil India (OIL) plans to invest Rs. 4,500 crore in the next two years to expand its activities, including exploration for oil and natural gas. Part of this may be raised from its proposed public offer and the balance from internal accruals, Chairman and Managing Director M. R. Pasrija told reporters here on Tuesday.

Maulik Pathak / Ahmedabad October 01, 2008, 0:27 IST

The Gujarat state government and the Centre are at loggerheads over the size of the latest gas find by Gujarat State Petroleum Corporation (GSPC).

The Union Minister of State for Petroleum and Natural Gas, Dinsha Patel, has contested the Gujarat government's claim of a 3 trillion cubic feet (TCF) find by GSPC in the KG basin.

Bs Reporter / New Delhi September 25, 2008, 0:24 IST

The government will approach the Bombay High Court to remove the ban on sale of gas from Reliance Industries

First to produce crude in the private sector Crude produced will not be refined
Two more wells to be drilled

NEW DELHI: In a significant development, Reliance Industries has begun crude oil production from the nation