The board of Oil and Natural Gas Corporation (ONGC), led by its vocal independent directors and government nominee, had forced the firm’s management to take legal recourse that has now led to a damning finding that Rs 11,000 crore worth of its natural gas had flowed to neighbouring block of Reliance Industries (RIL).

It all started in July 2013 when a review of the firm’s eastern offshore oil and gas campaign by the just-appointed director (exploration), Narendra Kumar Verma, led to suspicion that ONGC’s Krishna Godavari basin block KG-DWN-98/2 and Godavari-PML are connected with adjoining KG-D6 block of RIL.

There is a shadow on future production from the five discoveries of the government-controlled Oil and Natural Gas Corporation, after gas reportedly flowed from two of its blocks to the adjacent Reliance Industries units off the Andhra Pradesh coast.

Dallas-based DeGoyler and MacNaughton (D&M), in a report submitted to the government on Tuesday, has put a question mark on the future production from the five ONGC discoveries. It has established continuity of the reservoir in three blocks of Reliance Industries and ONGC.

On October 16, Mukesh Ambani and chief executives officers of nine other oil and gas companies declared to be part of a joint commitment to reduce global warming by two degrees. Under Oil and Gas Climate Initiative, 10 of the world’s largest oil and gas companies — which provide a fifth of all oil and gas production and supply, 10 per cent of the world’s energy — said they would make significant investments in natural gas, carbon capture and storage, renewable energy, and low greenhouse gas (GHG) research and development.

Mumbai: Private fuel retailers Reliance Industries Ltd (RIL) and Essar Oil Ltd have captured 3% of the local market in the last one year since diesel prices were freed from government control.

It is similar to the rate at which these companies expanded their presence in the fuel-retailing business between 2002 and 2005, when they cornered almost 12-13% of the market over three years. After that, most private fuel retailers exited the market since subsidies on products such as diesel made it unviable to compete against state-owned firms.

The Indian equity markets are still soaring high, after a gap-up opening, mainly on the back of short-covering and strength witnessed in global peers. The broad based rally across the banking and auto shares lifted the sentiment.

Overnight, the Wall Street jumped euphorically post the released of US Federal Reserve’s meeting minutes that hinted at raising the interest rates in December as it feels confident about the health of the world’s largest economy.

New Delhi: Reserving his verdict in the dispute between Reliance Industries Ltd (RIL) and the Union government over appointment of a third arbitrator in the KG Basin case, Justice Ranjan Gogoi of the Supreme Court on Monday said further appointments will be on hold until there is clarity on what the appropriate forum to hear the case is.

“The whole matter to be decided now is which will be the forum to hear the case,” Gogoi said, adding, “In light of the... ordinance, orders are reserved.”

While deregulation of fuel prices had led to a gradual re-opening of retail outlets by dealers of Reliance Industries (RIL), a closure of several of these could again be in the offing.

In the past six-odd months, almost 1,000 RIL dealerships had reopened retail outlets (ROs); there had been 1,400 filling stations at one time and all had to close. However, uncompetitive commissions by RIL on petrol and diesel sales has meant dealers making losses, of Rs 25,000-30,000 a month, they allege. They're asking for a rise in the commission to match those given by government-owned oil marketing companies (OMCs).

Niko Resources of Canada has decided to quit Reliance Industries Ltd (RIL)'s gas discovery block NEC-25, off the Odisha coast.

The company, in a statement, said,"the second quarter of financial year 2016, the company elected to withdraw from the NEC-25 block and relinquish its interest to the remaining interest holders." RIL is the operator of the block, with 60 per cent interest, while BP plc of UK has the remaining 30 per cent stake.

The less-than-anticipated gas production from Reliance Industries' flagship KG-D6 fields may have impacted fortunes of a number of its customers, but the company and its two partners have made almost two dozen interventions to arrest the decline from D1 and D3 discoveries. RIL, British Petroleum (BP) and Niko have together invested Rs 4,500 crore in the past two years to sustain production, said a person close to the development.

Reliance Industries has regained the top slot among Indian energy companies on the Platts global list by surpassing state-owned Oil and Natural Gas Corp (ONGC) in the rankings for this year.

In all, 14 Indian energy companies made it to the 2015 Platts Top 250 Global Energy Company Rankings, a financial performance roster of publicly traded companies with assets greater than USD 5 billion.

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