Cairn India Limited approached the Ministry of Environment Forest and Climate Change seeking necessary clearances for the proposed project.
State-owned ONGC has got environmental clearance for drilling 45 development wells and other related infrastructure involving a cost of over Rs 53,000 crore in the Krishna-Godavari basin in Andhra Pradesh.
State-owned ONGC may not get much compensation even if it is established that natural gas from its idlying fields in Bay of Bengal had migrated to adjoining KG-D6 block of Reliance Industries as the contract does not provide for retrospective penalty for such acts.
Power projects with around 46,000 MW capacity are facing viability issues due to lack of long-term purchase agreements, inadequate fuel supply and aggressive bidding to win projects, says a Crisil report.
The Chief Minister asked the ONGC officials to expedite the exploration process and ensure that substantial number of jobs (direct and indirect employment) are provided to locals, it said.
ONGC is using cluster approach to bring oil and gas finds in the block KG-DWN-98/2 or KG-D5, which sits next to Reliance Industries' Bay of Bengal block KG-D6, to production by 2018-19, he told Lok Sabha in a written reply to a question.
While RIL began oil production from its KG-D6 block in September 2008 and gas output in April 2009, ONGC, which has made 11 oil and gas discoveries in KG-D5 block, still is at least four years away from first gas.
The well has potential to produce 1 million to 2 million standard cubic metres per day (mscmd) of gas from the well and the output is expected to stabilise by the middle of the month, the Reliance official said.
The government has decided to price all domestically produced gas by both public and private sector firms at an average price of LNG imports into India and benchmark global gas rates from April 1, 2014.
ONGC wants to see if RIL's KG-D6 gas field gathering and processing facilities in the Bay of Bengal can be used to for producing gas from its G-4 discovery in the Krishna Godavari basin.
Reliance Industries has countered Power Minister Jyotiraditya Scindia's assertion that power plants were lying idle due to fall in KG-D6 gas supplies, saying most of these plants were built much before the field was even discovered.
With generation capacity of more than 2,978 MW, 12 power projects that are solely dependent on gas supplies from the Krishna Godavari (KG)-D6 basin are lying idle, the government said today.
State-owned Oil and Natural Gas Corp (ONGC) is likely to start oil and gas production from its first deepsea field in Krishna-Godavari basin off Andhra coast by September.
ONGC would be the biggest benefactor from the natural gas price hike decision taken by the Cabinet Committee on Economic Affairs (CCEA) on Thursday, said Rohit Ahuja of ICICI Securities. He saw the company's EPS to surge by more than 21 percent.
The Cabinet Committe on Economic Affairs will decide on the prices of natural gas; the first time in three years, in its meeting scheduled for tomorrow.
Oil and Natural Gas Corporation (ONGC) is confident of upping production to 28.6 million tonnes of crude in current financial year as it is expanding its capacities. In FY13, the state-run upstream firm produced 26.12 MT from its reserves
In a major relief to Reliance Industries, Defence Ministry has agreed to relax the "No-Go" zones imposed on its producing KG-D6 gas block and discovery block of NEC-25 in Bay of Bengal and permitted oil and gas activities with certain conditions.
Reliance Industries said the company and its partner BP Plc plan to jointly invest more than USD 5 billion over the next three to five years to boost output at a key natural gas field off India's east coast.
Reliance Industries and its partner BP have shut a seventh well in the D6 block off the Andhra coast due to sand and water ingress, bringing down the number of producing wells to 11, a source with direct knowledge of the matter said.
State-owned ONGC is set to undertake exploratory drilling work in three offshore oil and gas Blocks in Krishna-Godavari basin soon, according to sources close to the development.
Japan's largest oil firm Inpex Corp has acquired 26 per cent stake in Oil and Natural Gas Corp's (ONGC) Krishna Godavari basin deepsea block, the Indian firm said today.
State-owned Oil and Natural Gas Corp (ONGC) today said it is very close to capping a Krishna Godavari basin well that has been leaking natural gas for two months now. An uncontrolled flow of gas started from the Well G-1-9 in Bay of Bengal around August 30.
There is an urgent need for reforms in the gas sector believe experts who say that natural gas pricing in India should be market driven and not determined by the government.
Cairn India has announced its production figures for the Jan-March quarter. The company said it had an average daily gross operated production of 180,293 barrels of oil equivalent (boe) for the quarter, with working interest production at 107,292 barrels of oil equivalent per day (boepd).
With gas output from Reliance Industries' showpiece KG-D6 fields dropping by 23%, the firm's new partner BP Plc has expressed confidence that the slump in production can be reversed by focusing on a 'Next Wave' strategy of developing satellite fields.