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News Brief | August 2014

RIL may be allowed to retain gas finds

The Oil Ministry is seeking a Cabinet nod to allow Reliance Industries to retain three gas discoveries worth $1.45 billion in the eastern offshore KG-D6 block even after expiry of timelines. RIL has not been able to submit a development plan for D-29, 30 and 31 gas discoveries, which hold an estimated 345 billion cubic feet of reserves, due to dispute with regulator DGH. The Oil Ministry feels that taking away the discoveries and rebidding the finds may lead to delay in development. It feels RIL may go to arbitration, causing further delay in production.
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