Nevin John & Pb Jayakumar / Mumbai September 19, 2008, 0:02 IST

Company submits new plan to DGH, awaits nod.

BY CLIFFORD KRAUSS
HOUSTON

American natural gas production is rising at a clip not seen in half a century, pushing down prices of the fuel and reversing conventional wisdom that domestic gas fields were in irreversible decline.

The new drilling boom uses advanced technology to release gas trapped in huge shale beds found throughout North America

RATIONAL EXPECTATIONS
Sunil Jain / New Delhi August 25, 2008, 1:01 IST

ONGC bags maximum number of blocks

NEW DELHI: The latest round of New Exploration Licensing Policy (NELP)-VII has attracted an estimated investment of around $1.49 billion minimum for the oil and gas hunt in 45 blocks in Phase-I that were put on offer and subsequently bagged by domestic and international bidders.

Press Trust Of India / New Delhi August 22, 2008, 0:52 IST

The latest NELP-VII auction in Phase 1 received commitments amounting to $1.49 billion for 45 blocks, including $321.15 million for deep sea exploration, $598.255 million for exploration in shallow waters and $572.75 million for onland blocks, according to the Directorate General of Hydrocarbons (DGH).

There were bids for 45 out of the 57 blocks on offer. The investments committed for Phase II and III have not been divulged.

Bs Reporter / Mumbai August 01, 2008, 0:50 IST

Mukesh Ambani-promoted Reliance Industries (RIL) will lose around $1 billion (Rs 4,300 crore) a year if it sells gas to the Anil Ambani's Reliance Natural Resources (RNRL) at the agreed price of $2.34 per million British thermal unit (mBtu).

Legal representatives of the warring Ambani brothers have requested the Bombay High Court, which is hearing the case relating to allocation of gas to be produced from the Krishna- Godavari (KG) basin, for successive court hearings so that the dispute could be resolved faster.

Appearing on behalf of elder brother Mukesh Ambani-controlled Reliance Industries (RIL), Harish Salve requested the division bench of Justice S P Mhase and Justice P B Varale for hearing the case on a day-to-day basis.

Gujarat State Petroleum Corporation (GSPC), fully owned by the Gujarat government, is planning to spend Rs 4,000 crore over the next three to four years to produce oil and gas from the block it discovered in the Krishna-Godavari (K-G) basin off the Andhra Pradesh coast.

The company will raise the money through a combination of loans from banks, a possible public offer and through internal accruals.

New Delhi, July 16: Gujarat State Petroleum Corp (GSPC) has struck a

B. Muralidhar Reddy COLOMBO: Sri Lanka Government on Monday signed an agreement with Cairn India for exploration of hydro-carbon and natural gas in the Mannar Basin in the north. Sri Lanka Minister of Petroleum and Petroleum Resources A. H. M. Fowzie, and Chief Financial Officer of Carin India, Indrajith Benerijee, signed the agreement on behalf of Sri Lanka and Cairn India (Pvt) Ltd, respectively, in the presence of President Mahinda Rajapaksa.

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