RIL’s natural gas output drops below 15 mmscmd

Energy giant, Reliance Industries Ltd. (RIL) today said that the production of natural gas from its eastern offshore KG-D6 fields has dropped to the lowest level since April 2009 at less than 15 million standard cubic metres per day (mmscmd).

According to a report of Directorate General of Hydrocarbons, the company produced a total of 14.83 mmscmd from Dhirubhai-1 and 3 (D1&D3) gas fields and MA oil and gas field in the KG-D6 block in Bay of Bengal in the week ended May 26. KG-D6 fields, which commenced production in April 2009, had hit a peak of 69.43 mmscmd in March 2010 before the occurrence of water and sand ingress, due to which RIL has shut several of its wells.

RIL to shut vacuum gas oil hydrotreater at Gujarat-based refinery

Mukesh Ambani-led Reliance Industries Ltd. (RIL) has is likely to shut a vacuum gas oil (VGO) hydrotreater at the company’s 580,000 barrel per day refinery in Gujarat in the month of June, said the media reports. Sources told media that the proposed shutdown, which is expected to last for nearly 2 weeks, is aimed towards catalyst replacement. The refinery has two VGO hydrotreaters of 110,000 bpd capacity each. A VGO hydrotreater removes sulphur and nitrogen content from heavy feedstock to produce feed for units such as fluid catalytic crackers, which produce value added products like liquefied petroleum gas and gasoline

Reliance Inds. - RIL, BP and NIKO announce a significant gas condensate discovery in deepwater KG D6 block, offshore India

Reliance Industries Ltd has informed BSE regarding a Press Release dated May 24, 2013 titled "RIL, BP and NIKO announce a significant gas condensate discovery in deepwater KG D6 block, offshore India"

Reliance Inds. - Allotment of equity shares

Reliance Industries Ltd has informed BSE that the Company has allotted 1,04,962 equity shares of Rs. 10/- each, on May 22, 2013, pursuant to the Employees Stock Option Scheme

Several power plants stuck in absence of fuel supply from RIL

Attributable to non-supply of natural gas from Reliance Industries’ KG basin, several power plants with over 15,000 MW capacity are lying idle, said the media reports.

The fuel supplies from energy major RIL’s KG-D6 block to power plants have been discontinued since March this year after output from the eastern offshore fields dropped to an all-time low.

"The total capacity of gas-based stations in India is 18,830 MW of which 15,529 MW is fed with gas from RIL. That (15,529 MW) is idle as there is no gas available from RIL,” a source told media.

The source added that approximately 37 power stations that have tied up 33 million standard cubic metres per day (mmscmd) gas from RIL's KG basin do not have any fuel at their disposal, the official added

DGH dismisses RIL’s proposal to confirm gas discoveries in KG-D6 block

Oil Ministry’s technical arm, the Directorate General of Hydrocarbons (DGH) has rejected the proposal of Mukesh Ambani-led Reliance Industries Ltd. (RIL) to confirm the D-29, 30 and 31 as gas discoveries in the KG-D6 block.

Since February 2010, the regulator has not recognized these finds as gas discoveries as RIL has not done its prescribed separate tests, which are needed to confirm the finds.

Subsequently, the energy giant has agreed to perform the prescribed 3 separate drill-stem tests and has also sought approval for USD 93 million expenditure in the current financial year.

However, on May 10, DGH Director General, R N Choubey had wrote in a response to Oil Secretary Vivek Rae stating that the time period for submission of Declaration of Commerciality (DoC) for 3 gas discoveries has already expired.

"There is no provision in the Production Sharing Contract (PSC) to allow additional appraisal time beyond the stipulated appraisal period. Additionally, the exploration period of the block is already over," DGH said.

Accordingly, DGH has advised the ministry to take "a suitable decision on the operator's (RIL's) proposal to under DST in 3 wells which will amount to extension of appraisal period for which there is no provision, and which will have a bearing on relinquishment of balance area"

RIL revamps its investment portfolio: Stake grows in ICICI and SBI

Reliance Industries Ltd, a flagship company of Reliance Group, has rearranged its investment portfolio by shedding its holdings in four major lenders, HDFC Bank, Axis Bank, Canara Bank and PNB and increasing its holding in SBI and ICICI Bank.

RIL’s shareholding has grown in two of the major lending banks, SBI and ICICI Bank from Rs 79 crore to Rs 174 crore, and Rs 112 crore to Rs 199 crore respectively, said the media report.

According to company’s 2013 annual report, it has made fresh investments in shares of at least four public sector entities. It has disclosed its holding of Rs 142 crore in NMDC, Rs 134 crore in NTPC, Rs 42 crore in Oil India and Rs 136 crore in ONGC.

Besides, the company has also put in additional amounts of Rs 106 crore and Rs 58 crore in the shares of NTPC and ONGC as part of its 'current investment' portfolio, added the media report.

Moreover, RIL has made fresh investments of about 300 crores in its non-equity portfolio in debentures of Tata Sons Ltd, added the media report.

Meanwhile, RIL has also parked an amount totalling Rs 791 crore in three schemes of Anil Ambani- led Reliance Group's mutual fund company and liquidated an investment of Rs 15,720 crore in certificate of deposits with scheduled banks.