Reliance Industries Ltd. (RIL) on Wednesday announced discovery of gas reserves for the first time in the deep sea block in the Krishna Godavari basin off East Coast. According to an official spokesman here, the discovery was made in block KG-DWN-2003/1, lying about 50 km from Machilipatnam in Andhra Pradesh. The block was awarded to RIL in the fifth round of auction under the New Exploration Licensing Policy (NELP). Dhirubhai-39

The visiting Russian Prime Minister, Victor Zubkov, is learnt to have given a "sympathetic and positive' response to India's plea for a major stake in the Sakhalin III and other major oil and gas projects in far-east Russia. India is a partner in Sakhalin I and gets oil supplies from there. At a 20-minute meeting between Mr. Zubkov and Petroleum and Natural Gas Minister Murli Deora on Wednesday, the latter also took up the Indian oil companies' interest in investing in the Russian oil and gas fields. Opportunities

In an attempt to expand ties in the oil and gas sector and achieve the goal of energy security, India will seek stake in future Russian oil and gas projects, including the prestigious Sakhalin III and IV oil fields off the Russian East Coast, during the visit of Russian Prime Minister Victor A. Zubkov to New Delhi beginning Tuesday.

The government had offered investors freedom to sell oil and gas to any consumers at market-determined prices under the terms of the production sharing contracts (PSCs) in the new exploration and licensing policy (Nelp). But, the evolution of government policies in the sector over the last few months, though ostensibly within the boundaries of the terms of PSCs, is in sharp contrast to these stated intentions, and this may even dampen investor sentiments.

Chief minister Vasundhara Raje seems determined to extract a windfall for Rajasthan and has at the same time opened a new chapter in the area of oil and gas exploration in her desert state.

Many oil companies in Myanmar are pulling out of expensive but fruitless exploriation projects, dashing the military regime's hopes of future oil revenues.

India and the US have signed an agreement for cooperation in the field of shale gas. The memorandum (MoU), signed in Mumbai on Saturday, will enable India to commence exploration for this and reduce its heavy dependence on imported energy sources.

New Delhi: ONGC plans to invest over $10 billion to develop its new gas field in the KG basin for production. ONGC aims to develop the KG basin through four different projects.

Ajay Modi / New Delhi September 27, 2010, 0:34 IST

The government will launch the ninth round of the New Exploration Licensing Policy (Nelp-IX), which will see an auction of around 35 oil and gas blocks, on October 18, with a road show in Mumbai. Some of these blocks could be from the eighth round, for which no bids were received.

After mulling over whether China and India should divide hydrocarbon reserves among themselves, the Government of India has told its energy majors to sign up more contracts no matter what. But Delhi is in a bind. To compete with China’s oil giants, India’s energy firms will have to bulk up.