Petroleum Ministry may ask RIL to give up five gas blocks in KG-D6: Report

Posted By: Religare
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Petroleum Ministry may ask RIL to give up five gas blocks
The Petroleum Ministry may ask Mukesh Ambani led Reliance Industries Ltd (RIL) to give up five gas discoveries worth USD 6.8 billion in the KG-D6 block and offer them to new bidders in fresh auctions on a priority basis, according to media reports.

The Directorate General of Hydrocarbons (DGH) blames the company for the steep fall in output and had earlier recommended that company be asked to give up eight out of 18 blocks following its failure to submit plans to commercially exploit the fields.

The oil regulator also alleged that company could be hoarding gas to avoid selling it a price of USD 4.2 per unit which are now revised to USD 6.7 per unit with effect from April 1, 2014.

However, oil minister Veerappa Moily approved the decision to take away only five blocks from company.

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