Reliance consortium set to withdraw from India block

Offshore staff

LONDON -- Hardy Oil and Gas (LSE: HDY) has consented to Reliance Industries’ plan to relinquish the KG-DWN-2003/1 (D3) exploration license offshore eastern India.

Reliance issued its proposal following access restrictions imposed by India’s government on Nov. 10.

According to Hardy, the restrictions ruled out further exploration/development in the impact zone area, preventing further investment in the unrestricted area of the block due to the anticipated increase in cost and risk.

The situation was further compounded by the uncertainty of long-term natural gas pricing in India following the government’s policy, announced earlier in 2014, which imposed pricing at a significant discount to the D3 partners’ expectation of regional market pricing.

12/29/2014

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...