BP along with Reliance Industries had won the deep-sea KG-DWN-2005/2 or KG-D17 block in the seventh round of auction in 2008.

Govt may cut down its payments by Rs 15,000 to Rs 17,000 cr under its proposed formula from Rs 1,61,029 cr claimed by fuel retailers.

Andhra Pradesh government said the sample collected during the exploration activity should not be used for commercial purpose.

India’s crude oil import in 2012-13 was worth Rs 782,950 crore, which included about 80 per cent long-term contract and 20 per cent spot purchases.

Reliance's two advanced refineries in western Gujarat state can together process 1.2 mn bpd of oil, about 28% of India's overall capacity.

At a time when many US and European banks have turned bearish on the refining sector, the deep pocket Chinese banks are fast becoming a viable option.

The Government of India is yet to incorporate the aforesaid provision restricting unavoidable loss. This resulted in revenue loss in 2004-05 and 2008-09.

Together with less than 5 mmsmcd of output from MA field, gas production from KG-D6 is around 16.5 mmsmcd.

The company, which gets most of its funds from its parent firm, has already appointed merchant bankers for raising the debt, a source said.

The formula is the same on which RIL a year back sought price bids for sale of gas it will produce from its Sohagpur coal-bed methane (CBM) block in MP.

Moily said he has formed an expert committee under Vijay Kelkar to suggest roadmap for cutting India's dependence on imports to meet its oil needs.

Petronet pays RasGas of Qatar a price of 12.67 per cent of JCC, besides incurring a $0.26 per mmBtu cost on transporting the gas in ships.

On the customer side, demand from the Asia-Pacific region for LNG from the MENA region is strong - particularly from Japan, Korea and India.

Indraprastha Gas that approached Delhi High Court against the regulator's bidding process will continue to operate in Ghaziabad.

According to reports, out of 12 MT of bulk diesel consumed per month, consumption of private buses and state transport corporations is about 41%.

The cash would be paid only after Parliament approves supplementary budget expenditure. This means the ground reality for these cos doesn't change much.

"Do not create waves of fear amongst your investors by unreasonable tax demands or unreasonable statements.What signal does it send," Hilton added.

The subsidy burden has remained above Rs 12,000-crore level for seven of eight quarters, as it contributed over Rs 93,000 crore in the last two years.

GSPC wants to utilise its depleting oil and gas assets in Gujarat for storing natural gas to develop strategic reserves.

BSE was the designated stock exchange for the issue. The offer was over-subscribed 2.57 times with a clearing price of Rs 520 per share.