The steep fall in global crude prices may have helped contain inflation and the fiscal deficit, but it has been hard on Indian oil producers and refiners.

Sources close to the company said none of the 31 idle power plants that were stated as being dependent on gas supplies from RIL, were installed or financed on the basis of KG-D6 gas.

The gas supply deal, signed at an international investment conference in the Sharm El-Sheikh resort, will help Egypt as it tackles its worst energy crisis in decades.

RIL on January 14 challenged this order stating the 814 sq km of additional area that the ministry had taken away contained five gas discoveries holding close to 1 trillion cubic feet of reserves.

Estimates by industry group American Petroleum Institute that US crude stockpiles rose over 6 million barrels last week helped drive oil prices lower on Wednesday.

Announcing its fourth quarter and full 2014 results, BP said: Third quarter, fourth quarter and full year 2014 include write-offs of $375 million, $20 million and $395 million, respectively relating to KG-D6 block in India.

Reliance Industries and its partner BP Plc of UK are working to develop 3-4 Trillion cubic feet of gas discoveries off the east coast

RIL has written to the Oil Ministry saying it is entitled to get the principal amount together with market interest rate in case it wins the case.

The plunge in crude prices may come as a mixed blessing for the Narendra Modi government.

The energy company, in the letter, expressed distress at the attempts of the government to remove Justice Bharucha from the panel of arbitration, sources said.

The PSU has been asked to pay royalty on the $1.41 per unit it is collecting on natural gas produced from Reliance Industries' eastern offshore KG-D6 fields.

\"Michael Kerby wanted a no-objection from the ministry before taking up the job. \"But the Ministry has so far not given it\", sources close to development said.

The oil and gas major has approached the Ministry of Environment and Forests seeking clearance for preparing terms of References, according to the minutes of meeting of Expert Appraisal Committee.

ONGC is using cluster approach to bring oil and gas finds in the block KG-D5 to production by 2018-19, Oil Minister Dharmendra Pradhan said.

The auditor says the policy has ended up diverting huge tracts of land acquired for setting up manufacturing facilities and generating jobs to real estate projects.

Expenditure amounting to $160.81 million incurred on account of three appraisal wells was not eligible for cost recovery and had been disallowed by Petroleum Ministry.

Sources said RIL has written to the Oil Ministry saying it is entitled to getting the principal amount together with market interest rate in case it wins the legal case.

Japanese financial firm Nomura said that the 33 per cent increase in gas price from November 1 was a negative for new upstream investment.

Existing gas discoveries in deepsea areas of Bay of Bengal are not viable at the new gas price of $5.61 per million British thermal unit, which is just 33 per cent higher than old rate of $4.2, the report added.

Extrapolating the earnings for other partners, RIL will get $24 million for its 60 per cent share in the KG-D6 block and BP Plc of UK $12 million for its 30 per cent interest.