State-owned Oil and Natural Gas Corp (ONGC) has sought a review of the natural gas pricing formula as rates have dropped below cost.
In the current fiscal 2016-17, RIL and its partner have produced 2,641.67 mmscm of gas till February as against target of 29,316.69 mmscm, oil minister said.
The company will close the deal and pay the Gujarat State Petroleum Corporation (GSPC) the money after regulatory approvals like government nod for transfer of PI (participating interest).
The move will benefit Reliance which has two blocks in Madhya Pradesh that are in the process of starting production.
Exxon last month pledged to boost this year's spending by 16 per cent to expand operations, especially in shale production, after the company posted a better-than-expected quarterly profit, helped by rising oil prices and lower costs.
If the deal goes through, HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.
The government has set a target of raising its renewable energy generation to 175 gigawatt by 2022, around five times current usage, to supply power to its 1.3 billion people and fight climate change.
Essar Oil operates a 400,000 barrel-a-day refinery in Vadinar on India's west coast and sells fuels through its 2,470 filling stations across the country.
The price of natural gas is likely to rise to $2.7 per million British thermal unit for the period from April 1, 2017 to September 30, 2017 from current $2.5 per mmBtu, industry sources said.
The awarded blocks will boost India's oil output by as much as 15,000 barrels of oil per day, according to the oil regulator.
The latest investment round now values ReNew Power at $2 billion, ReNew Power Ventures Pvt Ltd said in a statement.
ONGC Videsh should be given more autonomy and merging companies horizontally will create a monopoly, ONGC Chairman Dinesh Sarraf said.
Finance Minister Arun Jaitley in his Budget for 2017-18 last week, proposed to "create an integrated public sector 'oil major' which will be able to match the performance of international and domestic private sector oil and gas companies."
The Performance Audit Report covered fuel management of 13 out of 26 coal-based power stations of NTPC and its Joint Ventures during the period from April 2010 to March 2016.
Net profit of Rs 4,352 crore in the October-December quarter of 2016-17 was 197 per cent higher than Rs 1,466 crore in the year-ago period, the company said.
While energy consumption will grow by 4.2 per cent per annum -- faster than all major economies in the world -- India's consumption growth of fossil fuels would be the largest in the world.
The coal ministry will soon seek the Cabinet's approval for the auction of coal linkages for the power sector.
Consumption of fuels, a proxy for oil demand, surged 10.7 percent to 196.48 million tonnes in 2016, data from the Petroleum Planning and Analysis Cell (PPAC) of the Oil Ministry showed.
The system, one of the longest in the world, will have the capacity to supply electricity to 80 million people once it is completed in 2019, ABB said.