New Delhi [India], Nov.5 : The Centre has fined Reliance Industries Limited (RIL) and its partners BP and Niko nearly slapped a nearly Rs.10,000 crores for pumping out gas that flowed to the Krishna Godavari-D6 Block from an adjoining field owned by ONGC.
Reliance and its partners have been given a month to respond to the notice issued by the Ministry of Petroleum and Natural Gas.
According to reports, all three partners sought 1.47 billion dollars for producing nearly 338 million British thermal unit in seven years ended March this year. After deducting about 72 million dollars royalty paid on the gas produced and adding an interest at the rate of Libor plus 2 per cent totaling nearly 150 million dollars, a total demand of 1.55 billion dollars was made on RIL, BP and Niko.
New Delhi: Reliance Industries has slapped an arbitration notice challenging oil ministry's decision to take away 814 square kilometer of its eastern offshore KG-D6 area that contained five gas discoveries. As per norm of giving up non-discovery area, RIL had in 2013 offered to give up 5,385 sq km out of a total 7,645 sq km area in Krishna Godavari basin KG-D6 block. But the ministry on October 30, 2013 ordered 6,198.88 sq km of total area to be taken away as the time allocated for producing from these had expired.
RIL on January 14 challenged this order stating the 814 sq km of additional area that the ministry had taken away contained five gas discoveries holding close to 1 trillion cubic feet of reserves.
New Delhi: Reliance Industries on Wednesday said it has raised USD 750 million (about Rs 4,624 crore) through issue of bonds to global investors in the overseas markets.
This is the second time within a few days that the Mumbai-based firm has hit the forex debt market. "Reliance Industries has priced a Rule 144A/Regulation S offering of USD 750 million 4.875 percent Senior Unsecured Notes due 2045," it said in a statement.
New Delhi - Oil Ministry is mulling recouping USD 195 million it believes is due from Reliance Industries in the flagging KG-D6 block from oil and gas it sells to public sector firms from the separate Panna/Mukta and Tapti fields.
The Ministry believes RIL has to remit additional profit petroleum of USD 195 million to the government after USD 2.376 billion in KG-D6 expenditure was disallowed for output lagging targets.
Mumbai - Reliance Industries Ltd on Wednesday said it had signed a long-term shipping agreement with Japan`s Mitsui OSK Lines Ltd (MOL) to transport liquefied ethane that Reliance will import from North America.
MOL will supervise the construction of six very large ethane carriers (VLECs) ordered by Reliance and operate and manage the vessels after they are built and delivered, the Indian company said in a statement.
The VLECs are being built by Samsung Heavy Industries Co Ltd and are expected to be delivered in the last quarter of 2016, MOL said separately.
The companies did not disclose the value of the deal.
New Delhi - Reliance Industries has signed an agreement with Mexican state-owned company, Petroleos Mexicanos (PEMEX) for cooperation in upstream oil and gas production as well as in refining business.
As per the Memorandum of Understanding (MoU) "RIL will cooperate with PEMEX for assessment of potential upstream oil and gas business opportunities in Mexico and jointly evaluate value added opportunities in international markets," a company statement said.
RIL and PEMEX will also share expertise and skills in the relevant areas of oil and gas industry, including for deep-water oil and gas exploration and production.
New Delhi - Reliance Industries is looking to sell its 49.9 percent stake in a US joint venture that owns a 460 miles pipeline network for transportation of shale oil and gas.
RIL, as well as its partner Pioneer Natural Resources Co, are seeking a buyer for their stakes in Eagle Ford Midstream venture as they focus on shale oil production.
"Pioneer Natural Resources today announced that the company is pursuing the divestment of its 50.1 percent share of the Eagle Ford Shale Midstream business.
New York: Reliance Industries is looking to sell its 45 percent stake in the Eagle Ford basin shale oil and gas venture in the US for an estimated USD 4.5 billion.
RIL, which bought 45 percent interest in Pioneer Natural Resources Co's Eagle Ford shale formation of south Texas for USD 1.3 billion, is working with Citigroup Inc and Bank of America Merrill Lynch to find a buyer, industry sources said.
When contacted, a company spokesperson said, "Reliance constantly strives to identify means by which to create additional value for its shareholders" but declined to comment on the specific sale.
New Delhi - Reliance Industries' USD 10 billion investment in new fields off the east coast depends on the government approving acceptable gas price, its junior partner Niko Resources said.
RIL has an array of natural gas discoveries in the Krishna Godavari basin KG-D6 block as well as NEC-25 area off the Odisha coast and it along with its partners BP plc of UK and Niko has detailed plans to bring them to production in the next few years.
Canadian Niko Resources in its annual general meeting (AGM) presentation yesterday stated that "planned development projects in India (are) dependent on acceptable gas pricing."
New Delhi - Reliance Industries will save about USD 450 million annually by importing 1.5 million tons ethane from US for its petrochemical plant, says a report.
Imported Ethane will substitute its current propane imports and a portion of naphtha used for ethylene production.
"Given depressed US ethane prices and rising production, we estimate an annual saving of USD 450 million from this feedstock substitution from FY18," CLSA said in a research report.
New Delhi - The oil ministry is looking at a price of USD 6-6.5 for all domestic natural gas but wants Reliance Industries to sell KG-D6 gas at old rate of USD 4.2 till it makes up for shortfall in supplies of past four years.
The ministry last week internally discussed tweaking the formula suggested by the C Rangarajan Committee to bring down the proposed increase from USD 8.4-8.8 per million British thermal unit to USD 6-6.5, a rate that will be affordable to most consumers and also incentivise exploration, sources said.
New Delhi: Reliance Industries Ltd's two producing fields off the Andhra coast will not get revised natural gas prices until it makes up the shortfall in gas production, a daily newspaper has reported.
The oil ministry is looking at new gas pricing regime for domestic producers at a price of $6-6.5 per unit, as per the paper's report.
With the government delaying a revision in prices, Reliance and its partners BP Plc of the UK and Canada's Niko Resources had on June 17 served an arbitration notice on the government naming London-based Sir David Steel as its counsel.
Mumbai: Shares of RIL Monday ended 2 percent higher after the company posted a 13.7 percent jump in first quarter profit.
RIL's scrip ended the day at Rs 996.20, up 2 percent on the BSE. In intra-day, it gained 3.17 percent to Rs 1,007.75.
At the NSE, the stock settled with a gain of 1.97 percent at Rs 996.
On the volume front, 4.26 lakh shares of the company changed hands at the BSE, while over 38 lakh shares were traded at the NSE during the day.
Mumbai: Shares of RIL on Monday rose over 3 percent after the company posted a 13.7 percent jump in its first quarter profit.
After making a positive start, shares of RIL gained 3.17 percent to Rs 1,007.75 on the BSE.
At the NSE, it jumped 3.19 percent to Rs 1,008. The stock was the top gainer among the blue-chips on both Sensex and Nifty during the morning trade.
Reliance Industries had on Saturday posted a 13.7 percent jump in its first quarter net profit to almost USD 1 billion, the highest quarterly profit by a private firm, on the back of higher refining margins, better petrochem earnings and surge in US shale gas business.
New Delhi: Reliance Industries (RIL) will defer investments in developing newer fields like R-Cluster in KG-D6 block if the government does not hike gas prices to make them economically viable to produce.
RIL's Dhirubhai-34, or R-Cluster field, in the flagging KG-D6 block was to produce about 13 million standard cubic metres per day of gas, equivalent to present day output from D1&D3 as well as MA fields, by 2017-18.
New Delhi: The government plans to impose an additional penalty of USD 578 million on Reliance Industries for producing less-than-targeted natural gas from its eastern offshore KG-D6 block.
The penalty in the form of disallowing costs incurred on the field will be for missing the target in 2013-14, a government source said. With this, the total costs disallowed will increase to USD 2.375 billion.
The government had previously issued a notice to RIL disallowing a total of USD 1.797 billion in costs for falling short of production during 2010-11 (USD 457 million), 2011-12 (USD 548 million) and 2012-13 (USD 792 million).
Mumbai, May 16 : Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, is set to join the board of India's largest private company, it was announced Friday. The share-holder approval will be sought at the annual general meeting here June 18.
The company's board has recommended her appointment, replacing Ramnik H. Ambani, the elder brother of group's late chairman Dhirubhai Ambani, who retires at the age of 90 years, having served it since inception.
New Delhi, May 2 : With the election code of conduct still in place, the petroleum ministry has returned the bank guarantee given by Mukesh Ambani-led Reliance Industries Ltd (RIL) in connection with the upward price revision for natural gas supplied by it.
Mumbai, April 23 : Mukesh Ambani-led Reliance Industries Ltd (RIL) Wednesday said it has raised $550 million as loan from Japanese banks for part-funding expansion of its petrochemical plant and new gasification unit.
"In continuation of the fund raising programme initiated in 2012-13, RIL has tied up Export Credit Agency (ECA) facility of up to USD 550 million co-financed by JBIC (Japan Bank for International Cooperation) and a group of other Japanese banks," the company said in a statement.
Reliance Industries Ltd (RIL) has said that it is seeking a price of $8.3 per million metric British thermal unit (mmBtu) rate for gas supply to fertiliser companies.
The company had agreed to supply gas to fertiliser companies at 4.2 mmBtu rate after a meeting in the previous week even as it concluded its agreement with firms on 31 March. The company officials have indicated that another round of negotiations are expected to follow with the fertilizer firms on the matter.