The total penalty now, which is in the form of disallowing recovery of cost incurred for missing the target during six years beginning April 1, 2010, stands over Rs 20,500 crore.

RIL had in May become the first buyer of gas it produced from its own coal-bed methane (CBM) block after agreeing to pay the highest price for the fuel. It paid USD 4.23 per million British thermal unit for the CBM produced during May-June.

The Chairman and Managing Director of Reliance Industries went on to chalk out the road-map for his companies in the coming days.

With renewed interest in the KG basin, RIL and BP hope to benefit from the government's new pricing policy.

Billionaire Mukesh Ambani-led Reliance Industries and its British partner BP plc have withdrawn a legal challenge they had mounted three years back against the government over delay in gas price revision.

Investment to step up natural gas production from KG basin block situated off the eastern coast

RIL's renewed effort in E&P, after six years of subdued gas production at its Krishna-Godavari (KG) basin and four arbitration proceedings, is primarily aimed at capturing the domestic market.

RIL Chairman Mukesh Ambani and BP Group Chief Executive Bob Dudley are speaking at a media interaction after meeting Prime Minister Narendra Modi on Friday.

Natural gas price in India is likely to be hiked by 8 per cent from April 1 driven by an increase in rates in reference markets including US Henry Hub.

Reliance Industries Ltd has written down Rs 39,570 crore in value of its oil and gas assets including the flagging KG basin D6 block and US shale gas projects, in view of change in accounting policy.

Every single incident disrupted the year-long status-quo, but what happened next is anybody's guess. At the end of the year, everyone turned out to be a fighter.  Some fought for dominance. Some fought for legacy.

Reliance Industries' partners are considering joining the arbitration that the Mukesh Ambani-run firm is planning to initiate against the government for slapping a $1.55 billion demand for \"unfairly enriching\" by producing natural gas belonging to ONGC.

The Justice A P Shah Committee had in a report presented to the Oil Ministry on August 30 opined that RIL should pay the government for the natural gas it has drawn from an adjacent block of ONGC in the KG basin of the Bay of Bengal in the past seven years.

Rate of natural gas produced from existing fields of state-owned Oil and Natural Gas Corp (ONGC) and Reliance Industries has been cut to $2.5 per mmBtu for a 6-month period from October 1, from $3.06 per mmBtu currently.

\"Our upstream business is in partnership with BP (of UK) and we want to constructively make sure that we are not going to withdraw our cost recovery arbitration,\" Reliance Industries Chairman Mukesh Ambani told company shareholders in Mumbai.

The Justice A P Shah Committee has opined that Reliance Industries should pay the government for the natural gas it has drawn from an adjacent block of ONGC in the KG basin of the Bay of Bengal in the past seven years.

With this, the total penalty, which is in form of disallowing recovery of cost incurred, for missing the target in five fiscal years beginning April 1, 2010, now stands at a cumulative $2.76 billion.

A CAG report tabled in Parliament on Tuesday laments that many of the issues pointed out in previous audits (2006-12) of the production sharing contract (PSC) block persisted in 2012-14.

Niko, which holds 10 per cent interest in the KG Basin block, in its earnings statement for 2015-16 fiscal said its share of proved reserves in KG-D6 block stands at 265 billion cubic feet of gas equivalent (2.65 Tcf for 100 per cent interest).

\"There is no compulsion for the government with any private company. Now, the country's Prime Minister is Narendra Modi and the rest is assured,\" Oil Minister Dharmendra Pradhan said during Question Hour.