Companies & Sectors
Gas worth Rs.11,000 crore migrated from ONGC to RIL fields: Report
American consultants DeGolyer & MacNaughton have submitted their final report on the gas dispute between state-run explorer ONGC and Reliance Industries (RIL) that says natural gas worth over Rs.11,000 crore has migrated from ONGC's idling KG fields to RIL's adjoining KG-D6 block, an official source said on Tuesday
 
"The report more-or-less reiterates what D&M had said in their draft report that some gas had migrated from ONGC's Krishna Godavari basin blocks to RIL's KG-D6 fields," said the petroleum ministry source, adding that the government will now examine the report to decide the extent of compensation to ONGC for its gas being produced by RIL.
 
"The Supreme Court had in its order stated that the government will, in six months from the date of receipt of D&M report, have to decide on addressing the ONGC contention. That we will do," he said.
 
The D&M report says 11.122 billion cubic meters (bcm) of ONGC gas has migrated from Godavari-PML and KG-DWN-98/2 its Krishna Godavari basin KG-DWN-98/2 (KG-D5) and the Godavari Producing Mining Lease (PML) 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.
 
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 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 (boundaries of its) 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)".
 
"After submission of the final report by D&M, RIL, while reserving its rights under the PSC and in law, will continue to fully cooperate with the ministry of petroleum and natural gas and any actions it takes to comply with the Delhi High Court's order," it added.
 
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.

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Now cancel reserved tickets at a general ticket counter
 Starting Tuesday, Indian railway stations will allow cancellation and refund of reserved tickets at an additional counter which was until now dispensing only unreserved tickets, an official statement said.
 
In a bid to usher in passenger friendly measures, the railways ministry has decided to convert one Unreserved Ticketing System (UTS) counter, where only unreserved tickets are sold, into a UTS cum Passenger Reservation System (PRS) counter, where only reserved tickets are sold.
 
However, the cancellation and refund facility will be extended only to those tickets which were booked at the PRS counter, ruling out the facility for tickets booked through other modes like online and apps.
 
"Cancellation and refund of PRs (passenger reservation) counter tickets shall be made across the earmarked UTS cum PRS counter (only for refund of PRS counter tickets) beyond the working hours of existing PRS counters or current counters as per refund rules," said the statement.
 
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.

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ED raids firms allegedly linked with Chidambaram's son
Enforcement Directorate (ED) officials on Tuesday conducted searches at offices allegedly connected with former finance minister P.Chidambaram's son Karti P. Chidambaram here.
 
However, the officials are tightlipped on the reasons behind the searches.
 
Reacting to the raids, Chidambaram said in a statement: "If the government wishes to target me, they should do so directly, not harass friends of my son who carry on their own businesses and have nothing to do with politics."
 
"We have made it clear, repeatedly, that no member of my family has any equity or economic interest in any of the firms that are being targeted. They are companies that are professionally managed and are capable of answering any questions that may be put to them by the authorities. I condemn the attempt to link them to my son and harass them on that ground," he said.
 
According to Chidambaram, the government agenda is being implemented by an ED officer who has a pending dispute with the Department of Revenue in the finance ministry.
 
"Orders in his case were apparently passed during the term of my predecessor. He met me and wanted me to intervene in his favour. I declined and I told him that I cannot reverse orders that were issued during the term of my predecessor. The change of government has given him an opportunity to misuse his powers to harass my son and his friends," he said.
 
"My family and I are quite prepared to face the malicious onslaught launched by the government," he added.
 
Attempts by IANS to reach Chidambaram and Karti Chidambaram were not successful.
 
In a different issue, there were reports this September of the ED registering a case against Karti Chidambaram for money laundering in the Rajasthan ambulance scam case.
 
In response, Karti Chidamabaram said that he had "not received any notice from any agency. I came to know about this from news reports".
 
The case was against Ziquita Healthcare Ltd., which had been awarded the ambulance service contract, now under investigation. 
 
Karti Chidambaram said he was an independent director in Ziquita Healthcare till 2012 and the last board meeting of the company he had attended was in 2008.
 
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.

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