Almost a week after the big-bang announcement by Reliance Industries (RIL) and BP Plc to invest Rs 40,000 crore in the Krishna Godavari Basin field, a senior BP official said that the company has withdrawn its arbitration with the government related to gas prices.
This has triggered expectations that the government could now allow the oil majors to charge a higher price for gas from KG-D6. While the price for domestic natural gas for the period of April 1 to September 30 has been kept at $2.50 per million metric British thermal unit (mmbtu), for deepwater blocks, a higher price of $5.56 per mmbtu is allowed. However, RIL and its partners were denied this price due to arbitration. Read More…
Credit By: Business Standard
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