Moily takes away five gas discoveries from Reliance

October 29, 2013

MoilyNew Delhi, Oct 29: Petroleum Minister Veerappa Moily has decided to take away five gas discoveries from Reliance Industries in the KG-D6 block for its failure to meet timeline, but allowed it to retain three other finds. The move comes in the wake of allegations that Reliance Industries benefited during his regime.

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.

In a prompt response, Communist Party of India’s Gurudas Dasgupta, who has been vociferously demanding cancellation of RIL’s contract, said Moily’s announcement “was a mere show of some action by the government.”

“They only want to show that they are doing something, but actually are not taking any action against RIL. They are cheating the people of the country, who will eventually have to pay the price for the gas sold by the company,” he told Deccan Herald. He objected to RIL retaining the D29, D30 and D31 discoveries.

Incidentally, the Directorate General of Hydrocarbons (DGH) wanted 1,130 sq km to be taken away from RIL on the ground that the timeline to develop the fields had lapsed.

RIL and its partner, British Petroleum (BP), had made a detailed presentation last month to Moily, Oil Secretary Vivek Rae and DGH Director-General R N Choubey. Denying deviation from the production sharing contract, they claimed to have the right to retain the 1,130-sq km area.

For the three finds covering 316 sq km, Moily agreed with RIL-BP that the DGH did not insist on a drill stem test (DST) for confirmation of a discovery in the past. He instead said there was a delay on the DGH’s part in reviewing them though RIL had submitted a declaration of commerciality for the three finds on time.

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News Network
April 22,2020

New Delhi, Apr 22: Philanthropist and Microsoft co-founder Bill Gates has lauded Prime Minister Narendra Modi's leadership in dealing with COVID-19 pandemic by adopting several measures including lockdown and increasing health expenditure to strengthen the health system response.

"We commend your leadership and the proactive measures you and your government have taken to flatten the curve of the COVID-19 infection rate in India, such as adopting a national lockdown, expanding focused testing to identify hot spots for isolation, quarantining, and care, and significantly increasing health expenditures to strengthen the health system response and promote R&D and digital innovation," Gates wrote.

He added: "I'm glad your government is fully utilising its exceptional digital capabilities in its COVID-19 response and has launched the Aarogya Setu digital app for coronavirus tracking, contact tracing, and to connect people to health services."

Prime Minister Modi had on March 24 announced a 21-day nationwide lockdown as a precautionary measure to contain the spread of COVID-19. The lockdown was later extended to May 3.

Gates further stated, "Grateful to see that you are seeking to balance public health imperatives with the need to ensure adequate social protection for all Indians."

With 1,486 new cases and 49 deaths in the last 24 hours, India's total number of coronavirus positive cases have risen to 20,471 while the death toll stands at 652, Union Ministry of Health and Family Welfare said on Wednesday.

Out of the total number of cases, 15,859 are active cases, 3,959 cured or discharged or migrated and 652 deaths.

Bill Gates met Prime Minister Modi in New Delhi on November 18 last year.

During his visit, Gates had addressed a function organised by NITI Aayog for the release of its report on 'Health Systems for a New India: Building Blocks - Potential Pathways to Reforms' wherein he lauded the country for its healthcare system and talked about how digital tools can help improve it further.

At that time, the philanthropist had commended the Central government for stepping up and eradicating polio.

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News Network
June 10,2020

Patna, Jun 10: A man in Bihar has willed half his property to two elephants after one of them foiled an attempt on his life by a pistol-totting criminal.

Akhtar Imam, chief manager of the Asian Elephant Rehabilitation and Wildlife Animal Trust (AERAWAT), said he has been looking after elephants since the age of 12.

"Once, there was an attempt of murder made against me. At that time the elephants saved me. When some miscreants armed with pistols tried to enter my room my elephant started trumpeting. It woke me up and I was able to shout and raise an alarm due to which the miscreants ran away," Imam said.

Imam says the two elephants, named Moti and Rani are like family for him and he cannot live without them.

However, the man claims that he fears threats to his life from his family members after he transferred his land to his two elephants. Imam's wife and sons have been living away from him for the last 10 years due to some dispute in the family.

He recounted that his son had allegedly filed a wrong case against him and also got him locked up. He eventually was let away after the charges levelled against him were proven wrong.

Imam said that his son Meraj had tried to sell the elephant to smugglers but was fortunately caught.

Imam says he has willed half of his property to his wife and his share of property worth Rs 5 crore to elephants said that if the jumbos die then the money would go to AERAWAT organisation.

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Agencies
May 4,2020

Mumbai, May 4: Days after Facebook, private equity firm Silver Lake said it will invest 56.56 billion rupees ($746.74 million) in Reliance Industries's digital arm, giving it a valuation of 4.90 trillion rupees. Silver Lake on Monday agreed to pay Rs 5,655.75 crore to buy 1.15 per cent stake in the firm that houses billionaire Mukesh Ambani's telecom arm Jio.

The investment in Jio Platforms comes within days of Facebook investing USD 5.7 billion to buy a 9.99 per cent stake in Jio Platforms. The investment is at a premium of 12.5 per cent to the Facebook deal.

"This investment values Jio Platforms at an equity value of Rs 4.90 lakh crore and an enterprise value of Rs 5.15 lakh crore and represents a 12.5 per cent premium to the equity valuation of the Facebook investment announced on April 22, 2020," Reliance said in a statement.

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