Psc

Justice Shah: Why ONGC is not entitled to RIL compensation

The exploration of KG-D6 block by Reliance Industries (RIL) had led to migration of gas from the adjacent KGDWN-98/2 block operated by ONGC, which led to a loss to the exchequer, a report by the Justice AP Shah panel submitted to the government concluded yesterday.

Govt may extend Cairn's production sharing contract

Recently, a Committee headed by the Directorate General of Hydrocarbons (DGH) on policy for grant of extension to the Production Sharing Contracts (PSC) for small, medium-sized and discovered fields that were awarded to private firms in 1990s, has recommended a uniform 10-year extension but on revised terms and conditions.

Oil & Gas auction policy shifts risks to developers

The government‘s approval of the Marginal Fields Policy (MFP) for 69 oil and gas fields, proposing market linked prices and a revenue sharing mechanism, would shift the key risks to developers says India Ratings.

ONGC gets one-year extension for Vietnam block

ONGC, in May, had applied to the Vietnamese authorities for a third extension of the exploration licence for deepsea Block 128 to maintain India's strategic interest in the South China Sea.

Kelkar panel opposes revenue-sharing for deep sea blocks

The 10-member Committee, headed by former petroleum and finance secretary Vijay Kelkar, said the PSC regime was more suited for Indian conditions rather than the revenue-sharing model based on the Rangarajan panel adopted by UPA govt.

OVL, OIL sign contracts for exploration in Bangladesh

They will also carry out an in-depth seismological survey of the blocks during a five-year initial exploration period which will be followed by a three-year exploration period.

India Ratings maintains stable outlook on oil & gas sector

India Ratings & Research (Ind-Ra) has maintained a stable outlook on the oil and gas sector for FY15. The rating Outlook for both public and private sector oil and gas companies remains Stable.

Govt likely to allow doubling of KG-D6 gas price

The Oil Ministry had in a draft note to the Cabinet proposed that RIL be forced to sell gas from Dhirubhai-1 and 3 (D1&D3) gas fields in KG-D6 block at current rate of USD 4.2 till it is proved that the over 80 percent fall in output was due to natural reasons, or the firm makes up for producing less than target since 2010-11.

RIL cries it's being penalised twice over

Reliance Industries has said it is being punished twice over -- first by levy of a USD 1.78 billion penalty and then by being denied a gas price revision, for a single crime of not producing in line with projections that were not even contractual commitments.

India to offer 68 blocks in tenth round of NELP

India may offer as many as 68 blocks or areas for exploration of oil and gas in the tenth round of New Exploration Licensing Policy (NELP) this year. This will be the second-highest offering of block since the advent of NELP 1999, official sources said

RIL says not obliged to provide past year documents to CAG

As differences simmer over scope of CAG audit of its flagging KG-D6 fields, Reliance Industries has said it is not obliged to provide full access to documents relating to years that are not under audit.

Rangarajan committee recos: How will it Impact O&G stocks?

Emkay Global Financial Services has come out with its report on oil and gas sector. According to the research firm, any increase in domestic prices would negative impact the downstream consuming sectors, predominantly power and fertilizer sectors.

Ranga panel suggests average global prices for domestic gas

The Prime Minister-appointed Rangarajan Committee has suggested mandating a price of domestically produced natural gas at an average of international hub prices and cost of imported LNG instead of present mechanism of market discovery.

No need for CAG audit of CBM blocks: Rangarajan panel

Amidst a row over CAG audit of Reliance Industries' KG-D6 gas block, the Rangarajan Committee has said official auditor CAG need not audit RIL's CBM blocks as they are governed by different contractual regime.

Rangarajan panel report on oil, gas pricing in Dec 1st week

The Prime Minister-appointed Rangarajan Committee is likely to present in the first week of December its report on changes in the present regime governing oil and gas exploration contracts as well as gas pricing.

Nod for drilling well in Rajasthan may boost output: Cairn

Cairn India today said the expected government nod for drilling exploration well in its Rajasthan oil fields may help it raise output from the prolific fields to 300,000 barrels a day from the current 175,000 bpd.

Rangarajan panel to make sweeping changes to PSCs

The Rangarajan committee's report on poduction sharing contracts (PSC) is expected within a month. Sources say the panel is likely to make sweeping changes for future PSCs. Sources add, this panel considers the concept of 'cost recovery' to be the main reason behind the crippling decision making process.

Oil Min to allow exploration wells with conditions

In a significant move, the Oil Ministry is mulling granting permission to drill exploration wells within an oil and gas field but with the condition that cost recovery of such wells would be allowed only in case there is a commercially exploitable discovery.