New Delhi:Mukesh Ambani-controlled Reliance Industries Ltd, or RIL, fighting a lawsuit over the supply of natural gas from the Krishna-Godavari field, will wait for pricing benchmarks to be set before developing findings off the nation’s east coast.
“We want to see what the government wants to do,” P.M.S. Prasad, president for the oil and gas business, said in an interview with ‘Bloomberg-UTV’. “If the government thinks the price should be $2 (Rs92.60) and if somebody is arguing that the gas should be monopolized by somebody, then it’s not worth it.”
Lanco consortium wins two methane blocks
Hyderabad: A consortium led by Lanco Infratech Ltd has won two coal-bed methane gas exploration blocks at Talcher and the Ib Valley in Orissa in the latest round of bids that concluded on 12 October.
The Hyderabad-based infrastructure firm will own 50% in the two blocks. Its consortium partner, Deep Industries Ltd, a small Ahmedabad-based gas compressors and onshore rig services firm, will hold the balance stake.
Lanco has to invest around $6 million (around Rs28 crore) in the first five years as its contribution for exploring the two blocks, chief financial officer J. Suresh Kumar said. It may have to invest at least $150 million on development of the blocks after five years, he added.
The Directorate General of Hydrocarbons, which conducted the bids, estimates the two blocks to have combined estimated reserves of 108 billion cu. m.