The Petroleum & Natural Gas Ministry has asked Reliance Industries Ltd (RIL), India's largest private sector company, to give up more than 80 per cent of its D6 gas block area in the Krishna-Godavari (KG) basin, including five discoveries with $10 billion worth of natural gas, with immediate effect.
Oil Minister Veerappa Moily has decided to take away five gas discoveries from Reliance Industries because it could not submit field-development plans on time, but allowed it to retain three other finds.
The five discoveries – D4, D7, D8, D16 and D23 – have a reserve of 0.805 trillion cubic feet or about one-fourth of restated reserves in the currently producing Dhirubhai-1 and 3 fields in the KG-D6 block. They are worth $10 billion.
These relinquished blocks will now be put up for competitive bidding, on priority. RIL might find this difficult to digest.
The move comes in the wake of allegations that Reliance Industries benefited during Moily's regime.
【News source】
Ministry asks RIL to give up 80% of KG-D6 block
Oil ministry to ask RIL to surrender 5 KG-D6 gas finds
Moily takes away five gas discoveries from Reliance
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