Reliance Industries and Cairn India want to drill exploration wells in already producing oil and gas fields, but the ministry's technical arm DGH had previously opined that such activity in an area that is producing hydrocarbons is not permissible under Production-Sharing Contract.
"Companies ideally like to resolve issues across the table through discussions but this requires decisions to be taken by the government and that does not happen often," says a person who is closely associated with one of the high-profile arbitration cases with the UPA government that has now landed in the courts.
Executives would analyse information and pass it to seniors.
Tarot card specialist and astrologer Aparna Bose explains the significance of each gemstone that is matched to the twelve star signs of the Zodiac.
Pranab Mukherjee touched upon the problems and the initiatives needed to spur Indian Economy, but there is hardly anything on table for the industry to cheer about.
Execs of RIL, Essar, Cairn India, Jubilant Energy, ADAG detained.
Markets pared early gains to end lower on Tuesday amid selling pressure in IT, FMCG and oil shares.
Tourism Australia lists out some of the best places to travel to Down Under!
Biggest contribution came from Bharti group-led Satya Electoral Trust.
A majority of India's billionaires gained wealth in the last one year in spite of the stock market decline.
19 Cabinet ministers were sworn in along with Prime Minister Manmohan Singh.
'It is my duty to give the govt the right price of crude oil.'
Vodafone, other contentious issues likely to be discussed.
BSE market breadth was positive. Out of 2,972 stocks traded, 1,203 shares advanced while 986 shared declined in trades.
Naresh Chandra, bureaucrat, diplomat and administrator, shares an 'insider's view' on the India-Pakistan peace process in an exclusive interview with Rediff.com's Sheela Bhatt.
Watch news flow & price movements carefully. If gas prices are rationalised, there will be a genuine turnaround & these stocks could be multibaggers, says Devangshu Datta.
Axed IPL commissioner Lalit Modi will be appealing against the London High Court's verdict in the libel case filed against him by former New Zealand captain Chris Cairns.
Relieved after winning a libel suit against axed IPL Commissioner Lalit Modi, who had accused him of match-fixing, former New Zealand all-rounder Chris Cairns said the London High Court's verdict has lifted a "dark cloud" that has been over him for the past two years.
Former IPL commissioner Lalit Modi has been declared bankrupt in a London court over unpaid bills of 65,000 pounds (Rs 53 lakh approx) owed to a private security firm.
ONGC to take biggest hit of Rs 4,600 crore, followed by Cairn India and Oil India.
Australia's 111-ball 60 against England in the fourth Ashes Test is the shortest all-out first innings ever in Test cricket history. Rajneesh Gupta presents other such shocking collapses on the first day of a Test in recent times.
Cairn India CEO has a tough task at hand.
RIL had got the block in an intensely fought auction by submitting better commercial and technical bids than other bidders including ONGC-GAIL and Cairn Energy.
HPCL is now ready to increase the stake of the state government up to 49 per cent.
Over 100 people, mainly students, are feared killed after a ship with over 350 on board sank off the coast of Papua New Guinea on Thursday, even as over 200 passengers were saved by Australian rescuers from choppy seas.
Five years after its investment, private equity major Carlyle Group may exit a quarter of investment in mortgage lender HDFC Ltd.
Morgan Stanley said two of three RIL's core divisions face near-term headwinds.
In a note for the Cabinet Committee on Economic Affairs, the ministry has proposed raising gas price for state-run firms immediately and that for RIL from April 2014, sources privy to the development said.
The finance ministry has rejected the formula and, instead, suggested an alternative that takes into account well-head prices of suppliers in Qatar, Oman, Abu Dhabi and Malaysia.
Oil Ministry officials insisted that Defence Ministry cannot withdraw the clearance after 12 years of exploration.
Oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
Interview with chairman, Vedanta.
Blue-chips like Reliance Industries, TCS, Tata Steel and Infosys plunged into deep red on stock market on Friday, as investors dumped stocks with significant export exposure after an overnight sell-off in the US market.
RIL on Friday declared a net profit of Rs 20,040 crore (Rs 200.4 billion) for the 2011-12, a marginal drop from the Rs 20,286 crore (Rs 202.86 billion) it made in 2010-11.
BSE Realty index plummeted by almost 4%.
"The tacit understanding between people now is that a question should be looked upon as a statement," says an institutional dealer.
Market breadth ended weak with 1,430 losers and 1,339 gainers on the BSE.
Although the Oil Ministry has the authority to decide on Reliance selling 30 per cent interest to BP in 23 exploration blocks, including the prize eastern offshore KG-D6 gas fields, the ministry on Tuesday decided to refer the deal to the CCEA, sources privy to the development said.
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