Companies & Sectors
Committee set up to protect ONGC interest in RIL gas dispute: Pradhan
Petroleum Minister Dharmendra Pradhan on Thursday said a committee under Law Commission chairman A.P.Shah, has been set up to recommend compensation to ONGC to protect the government interest following American consultant's report on its natural gas from its Bay of Bengal block migrating to adjoining fields of Reliance Industries (RIL).
 
"We received the report of D&M (DeGolyer and MacNaughton) on November 30 and we saw it on December 1. D&M report has talked about some technical things like flowing of gas from ONGC's blocks to adjacent Reliance block," Pradhan told reporters here.
 
He said the Shah panel has been constituted "to understand the financial implications and to protect the interest of the government and government companies".
 
"We will protect government and PSU interest," he added.
 
The committee's terms of reference include, to "quantify the unfair enrichment, if any, to the contractors of the adjacent block KG-DWN-98/3 (KG-D6) and measures to prevent future unfair enrichment to these contractors on account of gas migration".
 
The D&M report says 11.122 billion cubic meters (bcm) of ONGC gas has migrated from Godavari Producing Mining Lease PML and KG-DWN-98/2 (KG-D5) in Krishna Godavari basin to Dhirubhai-1 and 3 (D1 & D3) field located in the KG-DWN-98/3 (KG-D6) block of RIL, as the reservoirs in question are connected.
 
The one-man committee will submit its report in three months on "how to compensate the losses keeping in mind the legal and business aspects".
 
Pradhan said the panel has been asked to report any "acts of omission and commission" on the part of all stakeholders including RIL, ONGC, the Directorate General of Hydrocarbons and the government.
 
"This will also give us a chance to analyse all those who are responsible for this kind of disorder. The government will act after the commission submits the report in three months," he said.
 
It says that of the 58.68 bcm of gas produced from KG-D6 block since April 1, 2009, 49.69 bcm belongs to RIL and 8.981 bcm could have come from the ONGC's side
 
At gas price of $4.2 per million British thermal unit, the volume of gas belonging to ONGC which RIL has produced comes out to worth $1.7 billion (Rs.11,055 crore).
 
ONGC had moved the high court here alleging that RIL extracted gas upto 18 billion cubic meters (bcm) from ONGC blocks, resulting in loss of several thousand crores of rupees.
 
In October, RIL had said it has "scrupulously followed every aspect of the production sharing contract and has confined its petroleum operations within the KG-D6 Block".
 
It said all its wells were drilled "strictly within the KG-D6 block boundaries, as per the Development Plan approved by the relevant authorities under the PSC (production sharing contract)".
 
D&M was jointly appointed by ONGC and RIL to investigate and submit a report on the matter.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Does Media Coverage Predict Stock Returns?
A new study finds that the quality of media coverage can indicate shorter- and longer-term...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
What a goal! Maharashtra yoga teacher to marry Danish woman football star
The duo met in Denmark when he was pursuing his doctoral studies and research at Roskilde University, in Trekroner, in 2011
 
Traditional Buddhist-Maharashtrian wedding preparations are under way at a small household in Manmad, a bustling city around 200 km north of Mumbai. In the wintry chill, the Alinje family here is preparing to warmly welcome Cecilie Vedel Pedersen, a former Danish football international who has turned out for the national women’s team, as the wife of their eldest son, Dr. Rahul Alinje.
 
Scheduled for Sunday (December 20), the wedding excitement and the thrill of having a "star foreign bahu" in their midst have gone viral in the entire Gaekwad Nagar neighbourhood of this city and in entire Nashik district.
 
"We are a Buddhist family, but we love the Maharashtrian traditions and so we shall get married in Buddhist ceremonies, with Cecilie sporting a Marathi 'nav-wari sari' (a nine-yard sari, unique to this state)," a somewhat diffident Rahul told IANS in the midst of the last-minute wedding preparations.
 
The duo met in Denmark when he was pursuing his doctoral studies and research at Roskilde University, in Trekroner, in 2011.
 
"Simultaneously, I was teaching yoga to the locals there. I was introduced to Cecilie by a common friend and she even attended my classes. We got to know each other well since then," Rahul, 34, added.
 
A few years ago, Cecilie, 32, was injured while playing football and stopped playing the game. A forward, she had represented Denmark at the international level and in the 2007 women's World Cup.
 
Incidentally, after completing his BA from a college affiliated to Pune's Savitribai Phule University, Rahul pursued his higher education in Denmark since several years and learnt Yoga on his own there.
 
Acclaimed as a "yoga guru", along with the Indian embassy, he took the lead in celebrating the first International Yoga Day in Copenhagen on January 21 with a large number of Danes participating.
 
Through long walks and discussions on yoga, their friendship soon blossomed into love and one fine day in Denmark, when Rahul finally proposed to her, Cecilie shyly responded with a "Ja" (Yes)!
 
Well, the goal was set for the yoga-loving duo and they decided to marry and settle down in life.
 
For Rahul's parents, father Walmik, a fitter in the railways, and mother Suman, who did odd jobs to support the family, the news surprised and pleased them.
 
"We are followers of Buddhism which teaches us to accept everybody into our fold. My family very happily agreed to our desire to get married," Rahul said.
 
Though Cecilie had visited Rahul's home in the past as a friend and even tried her hand at making 'chapatis', a few days ago she was welcomed as the demure, prospective bride and subjected to royal treatment, pampering and love that any Indian bride gets.
 
Unable to communicate in Marathi, Cecilie makes up with sign language with the Alinjes, including Rahul's sister, Sharda, and cousin Nitin Pagare and is rewarded with helpful tips on Indian culture, customs and cuisine from them.
 
This week, the pre-wedding ceremonies are under way full-scale and she has been seen sporting traditional Marathi attire, jewellery and dutifully attending all the ceremonies.
 
The family is besieged with scores of curious visitors daily, besides the paparazzi, to catch a glimpse of the Danish celebrity who will soon be Manmad's "bahu".
 
Cecilie's parents - her father is a Hollywood director - have come to attend the wedding in Manmad, though her sister could not come due to other commitments.
 
However, Rahul and Cecilie have not yet made up their mind on whether to settle after marriage in Manmad or in Denmark.
 
"That we shall decide later. I am in the process of getting a job as a professor in a university in Denmark. Cecilie also plans to become a teacher and we shall both also impart yoga training," Rahul mused.
 
If his parents agree to shift to Denmark then the couple will settle there, "though we are both agreeable to settling down even in Manmad, if required".
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)