Earthquakes – The New Deadly Side Effect of Cheap Gas Production from Shale Formations

3 Jan, 2012
Gas

Shale Gas Technology has completely changed the Oil and Gas Picture in North America.Natural Gas prices have touched new low below $3/mmbtu as massive discoveries and production of shale gas has led to a glut.With the Technology being exported to other countries,it is expected that Natural Gas may take over from Coal as the preferred choice of electricity power generation.China and India are already taking out tenders for shale gas blocks.However Shale Gas has a nasty side effect which is normally not talked about.The cases have kept increasing though the mainstream media and the powerful oil lobby has tried its best to suppress it.The first one is water contamination which I had written about earlier

Shale Gas Water Contamination

Shale Gas which is a new form of Gas Extraction through Shale Gas Formation found deep under the Earth through Pressurized Injection of Water Mixed with Chemicals,is coming under Environmental Scrutiny.There have already been questions raised against theEnvironmental Safety of the Shale Gas Extraction Process.However the entry of Big Oil and Gas is preventing a fair and unbiased investigation into the harmful effects of Shale Gas.Note a NGO has accused the provincial officials and Gas Companies of illegaly using Water Supplies in Pennsylvania.The US Environmental Protection Agency (EPA) has deepened the probe into the process by asking 9 Exploration Firms to send Chemicals Data used in Shale Gas.

Earthquakes the New Danger

The digging of new injection wells which is used to dispose of water has been linked to earhquakes in Ohio.Note the biggest disadvantage of hydro power is that it can cause massive earthquakes due to movement of  large earth works.Shale Gas does the same in a  smaller way.The Technology is quite new and all the side effects are not known.Minor earthquakes near shale gas digging has been reported before as well.

Ohio Shuts Wells Following Quakes

Ohio became the latest state to take action on the possible link between seismic activity and wells used to dispose of waste water from oil and gas production when state officials ordered a halt to the practice near Youngstown this weekend after several minor earthquakes.

The wells, known as injection wells, have been proliferating in Ohio to accommodate growing volumes of waste water left over from hydraulic fracturing, which involves blasting water, sand and chemicals underground to break apart dense layers of rock to free up oil and gas.

Diversion of Water by Shale gas Companies is another bad effect of this new Natural Gas production.Pennsylvania is Ground Zero for Shale Gas Companies as it has the largest Shale Gas Formation in the world – Marcellus Formation.Large Number of Wells have been dug in the State using Millions of Tons of Water.This has come under the spotlight as it is not legal to draw water under the Clean Streams Act.Only communities adjacent to the rivers can use this water.An Environmental Group has also accused the state EPA of colluding with these corporate interests.
Read about the advantages and disadvantages of Natural Gas to examine the issue further

Advantages and Disadvantages of Natural Gas Energy – Pros and Cons of Gas Usage

7 Jul, 2011
Gas

Natural Gas has got a lot of press these days as massive discoveries of natural gas reserves in shale gas formations has meant that the prices have gone down substantially and new power plants and infrastructure is being developed to use natural gas as fuel.Even as crude oil and coal prices have gone through the roof,natural gas prices have dived.This is due to the new technology being commercialized which is allowing huge shale gas deposits to be used.This has led to forecasts that natural gas will become a more important part of the energy mix in the coming days.The falling prices of natural gas has also led to declining electricity prices in the USA where shale gas development is the most advanced.Natural Gas prices have gone down to as low as $3.5/mmbtu from $8 in 2008 and experts predict that it may go down to $2.5/mmbtu.Shale Gas has its own critics who say that the shale gas deposits are much lower than being said and they deplete much faster.Environmental concerns are also being raised about the fact that it leads to poisoning of the water supplies with France banning shale gas mining completely.Natural Gas is a byproduct of Oil Drilling and in the earlier days it used to be looked upon as an irritant and burned off.But now it is being used to generate power,in chemical and fertilizer plants and also being used in some parts of power vehicles as well.Natural Gas is also used for Heating in most western developed countries and for Cooking as well.With increasing availability it is replacing coal and oil in power plants and tranport now.

Advantages of Natural Gas

1) Cheap and Abundant – The biggest advantages and Pro of Natural Gas is that it is now cheaper than almost any other fuel.New ways of extracting Natural Gas has made it abundant and in the coming days massive formations are waiting to be discovered.

2) Provides 24/7 and Continuous Source of  Power – Natural Gas can provide electricity 24 hours,7 days a week unlike other sources of renewable energy.This makes it very important and some gas solar and gas wind hybrid plants are being developed.General Electric has developed very efficient Gas Boilers and Engines to improve the Efficiency of Gas to Energy Conversion.

3) Used for providing Peaking Power – Natural Gas is used to provide Peaking Power that is Electricity when Demand is very High.Note Nuclear Plants and Hydro Plants run continuously and it makes no difference to cost to stop them.However Natural Gas as no constraint and it is used to provide power at peak times and is stopped when demand is lower.This makes Natural Gas important to the development of Renewable Sources of Intermittent Energy like Wind and Solar Energy

4) Most Important Fuel for Cooking and Heating - Natural Gas is the most commonly used fuel for heating and cooking.Oil is not used as it is costlier.

5) Easily Transported Through Pipelines and as Liquefied Natural Gas (LNG) – Natural Gas Infrastructure is being developed rapidly and it is now transported over land through big Pipelines and over Water through massive LNG Tankers.This is done in a cost effective manner which implies that Cost of the Gas is not increased too much

Disadvantages of Natural Gas

1) Greenhouse Gas Emissions(GHG) – The biggest Disadvantage of Natural Gas is that it releases Carbon Dioxide which has been sequestered for millions of years in the dead bodies of plant and animals.This transfers the Carbon from the Earth to the Environment leading to the Global Warming Effect.Global Treaties have failed in putting a Cost on this,though individual countries are tying to account for this through Carbon Taxes and Cap and Trade.Natural Gas has been touted as a much Greener Fuel as compared to Oil and Coal.However some experts dispute the fact that Natural Gas is cleaner and say that if you consider the lifetime impact from the mining of Gas to its use it may be more harmful to the environment than Oil

2) Pollution of Water and Earth– Natural Gas leads to Air Pollution as some Gas escapes into the Air and its not possible to capture all the Natural Gas that is released.Shale Gas has raised huge concerns for causing toxicity to nearby water bodies

3)  Growth in Terrorism and Violence- Gas  is drilled in some of the worst dictatorships like Saudi Arabia,African countries.This  Money goes directly into the hands of these despots who have amassed trillions of dollars.They give rise to violence and growth in terrorism as this oil money is used to fund these organizations.Osama Bin Laden comes from one of the richest Saudi families.

4) Non Renewable Source of Energy and will eventually Deplete – Like other sources of fossil fuel energy,Natural Gas Energy is going to deplete eventaully and does not form a sustainable answer to man’s energy questions.While the current large discoveries have made Natural Gas Cheap,these will also become empty.Compared to Gas,Solar and Wind Energy will last for a very very long time and building infrastructure for these cleaner fuels is more useful

5) Dangerous to work with and Combustible – Natural Gas is highly combustile and it can lead to explosions if not carefully handled.This is the reason that it is not used in vehicles more.Also it exists mostly in the gaseous state which makes handling it more difficult than Oil

Also Read

Pros and Cons of Solar Energy

Pros and Cons of Wind Energy

Advantages and Disadvantages of Coal

While  Shale Gas could be an Energy Panacea ,is it Environmentally Safe?

There have been concerns raised about the environmental degradation resulting from Shale Gas Production.Recent incidents of water and soil contamination from Pennsylvania has led to voices being raised in protest.Note all Fossil Fuel extraction leads to some extend of Environmental Pollution both during extraction and during usage.Shale Gas in no exception.However some unique types of Pollution being reported by Farmers has led to more focus on this still nascent technology.Pennsylvania has quarantined cattle which have fallen sick after drinking toxic waste water.Shale Gas Extraction requires injecting Water mixed with Chemicals at High Pressure to fracture Shale Rock formations.This results in contamination of water with chemicals that can lead to human and animal sickness.The problem arises from “Fracking” that involves mixing of water and toxic chemicals.Reports from US indicate that tap and toilet water in houses near these gas wells have been severely contaminated.Their have also been reports about Gas Leakages.Federal Regulators have tentatively started investigating  Shale Gas Technology.But the Oil Industry in typical fashionis opposing the scope of the study.Reminds me of Saudi Arabia blocking the study of climate change on rising seal levels.The Oil and Gas companies currently don’t even have to reveal the chemicals they are using during the Fracking process.Lets hope that this Regulators do their job otherwise it could lead to another BP Oil Spill type of disaster in the future.The laxness of the Oil Drilling Regulator was a major factor in one of the world’s biggest environmental disasters.

Natural Gas and LNG Supply and Demand in India – List of Companies and Gas Market Review

5 Jul, 2011
Energy,Gas

Introduction

Natural gas is rightly termed as the Fuel of the 21st Century, has emerged as the most preferred fuel due to its efficiency and cost effectiveness. The demand of natural gas has sharply increased in the last two decades at the global level. The production of natural gas is around 87 million standard cubic meters per day. The main producers of natural gas are Oil & Natural Gas Corporation Ltd. (ONGC), Oil India Limited (OIL) and JVs of Tapti, Panna-Mukta and Ravva. Even private parties from some fields produce gas under Production Sharing Contracts. Government has also offered blocks under New Exploration Licensing Policy (NELP) to private and public sector companies with the right to market gas at market determined prices. In India most of the production of gas comes from the Western offshore area. The on-shore fields in Assam, Andhra Pradesh and Gujarat States are other major producers of gas. Smaller quantities of gas are also produced in Tripura, Tamil Nadu and Rajasthan States. OIL operates in Assam and Rajasthan States, whereas ONGC is operating in the Western offshore fields and in other states. Prior to 1987, gas prices were fixed by ONGC/OIL. since 1987, the price is being fixed by Government. The Ministry of Petroleum & Natural Gas has been regulating the allocation and pricing of gas produced by ONGC and OIL by issuing administrative orders from time to time. The gas produced by the JVs and by NELP operators is governed by the respective production sharing contracts between the Government and the producers. Under the existing policy, 100% Foreign Direct Investment (FDI) is allowed for both LNG projects and natural gas pipeline projects.

Natural Gas Allocation & Supply Scenario:

As against the total allocation of around 118 MMSCMD, the gas supplies by GAIL is of the order of 63 MMSCMD spread over about 300 major consumers. Around 32% is supplied to the fertiliser sector, 41% to power, 4% to sponge iron and the balance 23% goes to other sectors. Around 8.5 MMSCMD of gas is being directly supplied by the JVs/private companies at market prices to various consumers. This gas is outside the purview of the Government allocations.

Liquified Natural Gas:
Natural gas at -1610C transforms into liquid. This is done for easy storage and transportation since it reduces the volume occupied by gas by a factor of 600. LNG is transported in specially built ships with cryogenic tanks. It is received at the LNG receiving terminals and is regassified to be supplied as natural gas to the consumers. LNG projects are highly capital intensive in nature. The LNG trade started in mid 60′s and has increased rapidly.World trade in LNG is currently in the range of 150 BCM. The major exporting countries of LNG are Algeria, Qatar, Indonesia, Malaysia, Australia, whereas, the major importers are Japan, South Korea, Taiwan and Western Europe. Geographically, India is very strategically located and is flanked by large gas reserves on both the east and west. India is relatively close to four of the world’s top five countries in terms of proven gas reserves, viz. Iran, Qatar, Saudi Arabia and Abu Dhabi. The large natural gas market of India is a major attraction to the LNG exporting countries. In order to encourage gas imports, the Government of India has kept import of LNG under Open General License (OGL) category and has permitted 100% FDI.Petronet LNG Limited (PLL), a JV promoted by GAIL, IOCL, BPCL and ONGC was formed for import of LNG to meet the growing demand of natural gas. Shell’s 2.5 MMTPA capacity LNG terminal at Hazira has been commissioned.

List of Natural Gas and LNG Companies in India

Note most Oil and Gas Majors in India are involved in Natural Gas production as well as Oil and Natural Gas are generally found together.Below is the list of companies which have major natural gas and LNG production and distribution operations as compared to crude oil

GAIL India – GAIL (India) Limited, is India’s flagship Natural Gas company, integrating all aspects of the Natural Gas value chain right from exploration to marketing.It emphasizes on clean fuel industrialization, creating a quadrilateral of green energy corridors that connect major consumption centers in India with major gas fields, LNG terminals and other cross border gas sourcing points. With a market cap Rs. 58,000 crores GAIL is expanding its business to become a player in the  International Market. . The revenue earned was 24,000 crores (2009-10) with a net profit margin of 11%.The business has achieved laying of Natural Gas high pressure trunk pipeline, LPG Gas Processing Units & Transmission pipeline network, oil and gas Exploration blocks, OFC network offering highly dependable bandwith for telecom service providers etc. GAIL has been entrusted with the responsibility of reviving the LNG terminal at Dabhol as well as sourcing LNG.GAIL is one of the best performing stocks in the Energy Industry in India in the last couple of years.It is a well managed fast growing company in one of the best sectors in India with high competitive barriers.

Oil India Ltd.- With a market capitalisation of Rs. 31,000 crores, OIL is engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. It became a wholly-owned Government of India enterprise in 1981. The revenue earned by the company was 2,400 crores & with a net profit margin of 36% in Dec ’10. Very similar in profile to ONGC it  presently produces over 3.2 million tons pa of crude oil, Natural Gas and over 50,000 Tones of LPG annually. Most of this emanates from its traditionally rich oil and gas fields concentrated in the Northeastern part of India and contribute to over 65% of total oil & gas produced in the region. It has emerged as a consistently profitable international company with exploration blocks as far as Libya and sub-Saharan Africa.

Reliance  Industries - The Flagship Company of the Ambanis and India’s largest Private Company Reliance Industries is also an Oil and Gas Giant .The Company has seen very sharp growth in the last decade and is diversifying into Retail.With a market cap exceeding $30 billion it is India’s most valued company.The company is also one of the biggest exporters in India with one of the largest petrochemical and oil refining complexes in the world at Jamnager.It recently sold a stake in its valuable Godavari Basin to BP for a whopping $7.5 billion.Extremely cash rich with a horde of more than $15 billion,it has started on empire building through ventures in Finance ( DE Shaw) ,Communicatoins (buying of wirelss broadband spectrum),Shale Gas Buys in the USA,Hospitality (Buying up stakes in Hotel Companies).

ONGC Corp – With a market cap of Rs. 235,000 crores ONGC ranks 3rd in Oil & Gas Exploration & Production (E&P) Industry globally .It cumulatively produced 803 Million Metric Tonnes of crude and 485 Billion Cubic Meters of Natural Gas from 111 fields. ONGC’s wholly-owned subsidiary ONGC Videsh Ltd. (OVL) is the biggest Indian multinational, with 40 Oil & Gas projects in 15 countries. The company earned a revenue of approx Rs. 20,000 crores with net profit margin of 34% in Dec’10.It holds largest share of hydrocarbon acreages in India & contributes over 79 per cent of Indian’s oil and gas production. Created a record of sorts by turning Mangalore Refinery and Petrochemicals Limited (MRPL) around from being a stretcher case at BIFR to the BSE Top 30, within a year.

Petronet LNG Ltd. -  It was formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India’s leading oil and natural gas industry players. The promoters are GAIL, ONGC, IOCL & BPCL. The company has a Market cap Rs. 9,000 crores. The revenues earned in Dec’10 was approximately Rs.3,600 crores with a net profit margin of 5%.

British Gas – BG Group is a key player within the gas industry in India, with a presence in both the E&P and T&D segments. BG Group has increased its exposure in India’s growing natural gas sector by developing its upstream position through licensing rounds and acquisitions.BG Group has held a 30% interest in the Mid and South Tapti gas fields and the Panna/Mukta oil and gas fields since 2002. In 2009, the combined fields produced 13.7 mmboe.BG Group has a 65.12% controlling stake in Gujarat Gas Company Limited (GGCL), with the remaining 34.88% publicly owned. GGCL is India’s largest private sector natural gas distribution company in terms of sales volume. As at end June 2010, GGCL served more than 296 000 residential, commercial and industrial customers through a pipeline network of over 3 500 kilometres. GGCL also fuelled compressed natural gas (CNG) to more than 119 000 natural gas vehicles (NGVs) as at 30 June 2010

Indraprastha Gas (IGL) – Incorporated in 1998, IGL took over Delhi City Gas Distribution Project in 1999 from GAIL (India) Limited (Formerly Gas Authority of India Limited).The project was started to lay the network for the distribution of natural gas in the National Capital Territory of Delhi to consumers in the domestic, transport, and commercial sectors. The 2 main promoters of the company are  – GAIL (India) Ltd. and Bharat Petroleum Corporation Ltd. (BPCL)

Gujarat State Petronet Ltd. (GSPL) – It is  a Gujarat State Petroleum Corporation (GSPCGSPC Group company is a pioneer in developing energy transportation infrastructure and connecting natural gas supply sources including LNG terminals to growing markets. GSPL is first Pipeline Company in India operating on open access basis and is a pure transmission network.The transmission network of the company envisages development of systematic and seamless pipeline network across Gujarat connecting various suppliers and users.

 

7 Pros of Natural Gas – Heating and Cheapness the Biggest Benefits

3 Jul, 2011
Gas

Natural Gas in USA is seeing massive investments and interest due to very large shale gas discoveries enabled by improvements in Gas Drilling and Extraction Technology.Billions of Dollars have been invested by domestic and international oil and gas companies.Plans are being made to Export Natural Gas from America as the price of Natural Gas in USA has now become considerably lower than other parts of the world.While prices of other Fossil Fuels like Oil and Coal are rising at steep rate,Natural Gas Prices have fallen even below the 2008 crisis levels and are now at around $3.5/mmbtu.With production increasing Natural Gas is increasingly looking to garner marketshare gains in the energy sector in the US.Countries around the world like India and China are also looking to tap shale gas deposits as Energy Scarcity increases around the globe.

Natural Gas has come a long way from the 19th when  unwanted gas usually was burned off in the oil fields.Today it has a large number of diverse uses in major industries such as Power,Transport and Heating.

Pros of Natural Gas

1) Falling Costs,Cheap and Reliable – The biggest advantages and Pro of Natural Gas is that it is now cheaper than almost any other fuel.New ways of extracting Natural Gas has made it abundant and in the coming days massive formations are waiting to be discovered.

2) Providing 24/7 Electricity and Power – Natural Gas Power Plants are a bit more expensive than Coal Power Plants however unlike Coal and Nuclear Power Plants,Natural Gas Power Plants do not have cost associated with shutting and starting making them ideal for providing peaking power capacity.With solar and wind energy increasing their share in the energy mix,use of peaking power plants using Natural Gas is becoming important.

3) Heating – Heating of Homes and Cooking is the biggest Use of Natural Gas.Most homes in developed countries which have long and harsh winters use Natural Gas for Heating the Homes.Cooking on Gas Stoves is also cheaper and more efficient than Electric Stoves.It is used natural gas-powered ranges and ovens, natural gas-heated clothes dryers, heating/cooling and central heating. Home or other building heating may include boilers, furnaces, and water heaters.

4) Conversion into Transport Fuels – Natural Gas is increasingly being looked upon as a solution to transport fuel needs with the price of gasoline increasing rapidly.Shell is planning a GTL (Gas to Liquids) Plant in the US.Gas-to-liquids (GTL) is a developing technology that converts stranded natural gas into synthetic gasoline, diesel or jet fuel through the Fischer-Tropsch process

CNG is a cleaner alternative to other automobile fuels such as gasoline and diesel.Developing countries have been the major users of CNG vehicles building out infrastructure like CNG stations.In India,much of the public transport like autorickshaws and buses now compulsorily run on CNG to reduce pollution.

5) Agriculture – Fertilizers – Natural Gas is one of the main raw materials used in Fertilizers Plants.It is used in the  production of ammonia, via the Haber process

6) Easily Transported Through Pipelines and as Liquefied Natural Gas (LNG) – Natural Gas Infrastructure is being developed rapidly and it is now transported over land through big Pipelines and over Water through massive LNG Tankers.This is done in a cost effective manner which implies that Cost of the Gas is not increased too much

7) Efficiency – gas appliances and equipment are extremely efficient. The conversion of Natural Gas from its extraction to its find output has an Efficiency of about 90% which is high compared to other energy sources.

Read about Natural Gas Supply and Demand in India and whether Shale Gas is Environmentally Friendly

Directorate General of Hydrocarbons (DGH) – Regulatory Capture by Big Indian Oil/Gas Companies,CBI files Case (V K Sibal),CAG finds Massive Corruption (Gold Plating Reliance)

30 Jun, 2011
Energy,Gas,Oil

The Directorate General of Hydrocarbons (DGH) is under fire from various government investigative agencies like CBI and CAG .Note Director General of Hydrocarbons (DGH) is a regulator under the Indian Ministry of Petroleum and Gas which was established in 1993 post economic liberalization.DGH has been entrusted with several responsibilities like implementation of New Exploration Licensing Policy(NELP), matters concerning the Production Sharing Contracts for discovered fields and exploration blocks, promotion of investment in E&P Sector and monitoring of E&P activities including review of reservoir performance of producing fields.However the regulator has apparently connived with big Indian private oil and gas companies like Reliance,Cairn,BG to defraud the Indian treasury by billions of dollars.

Note Indian ministries and regulators have been found to be massively corrupt with the 2G Telecom Scandal facing the glare from the Supreme Court .Huge loss has been caused by ministers,corporate CEOs and various politicians a number of which are in jail right now.The CAG report had said that Reliance had doubled its cost in the KG-6 Basin leading to a huge loss for the Indian government.A number of other lapses (intentional) has been found by the DGH and the Ministry each time favoring the private oil and gas companies in India.Now the CBI has filed a case of corruption against the the former chief of the DGH V K Sibal for scuttling a probe by the Central Vigilance Commission (CVC) for showing undue favors to the private companies.Note India has been stuck by a number of scams in the stock market pertaining to mid cap and small caps.This has led to huge losses for investors with some companies like Reliance Telecom,Unitech having over 90% of their share values eroded.Reliance the biggest Indian company by market capitalization might be facing the same fate if the investigative agencies and the courts do their jobs.

Ex DGH V K Sibal under CBI scanner for hampering CVC probe

The CBI today said it will soon finalise a case against former Director General of Hydrocarbons V K Sibal for allegedly scuttling an enquiry by CVC for discrepancies in oil exploration works and contracts executed by domestic and foreign players.Besides this, CBI was also likely to register another case against him as the agency claimed it had sufficient documentary evidence against Sibal in alleged discrepancies in carrying out the work and favouring leading private players and foreign consultants involved in oil and gas field explorations.

India’s Largest Company Reliance Stock Dives on Corruption collusion fears with Oil Regulator (DGH),Ministry in Season of Scams

21 Jun, 2011
Energy,Gas,Oil

Investing in the Indian Stock Market is usually a choice  between the Bad and the Ugly as Corporate Governance exists only in name.With the Indian government frozen with its top officials and ministers accused of numerous billion dollar corruption scams,Corporate India too has come under the corruption crosshairs.Note investing in India has always been a dangerous game which I have written probably too many times in this blog.Institutional Money Managers are mostly blind to the risks or plain incompetent most of the times.But now with the global capital in the risk off mode,scams and scandals are again affecting stock prices.Note in the last correction many of the high flying mid cap and small cap stocks had faced heart breaking falls in stock prices.Manipulation by “operators” and company promoters is nothing new.In fact both the Reliance groups have either paid fines or under investigation for massive insider trading.Note the ADAG Group has its 3 top executives in jail for swindling the Indian exchequer out of billions during the 2G Scam.

Now India’s Largest Company Reliance too has seen its stock fall to a post Lehman low on concerns that it has colluded with the Oil Regulator and Ministry to gold plate its costs in the KG 6 Gas concession.Reliance is India’s biggest oil and gas company with interests throughout the supply chain.Note its nothing new as Reliance has always been known to be the most powerful corporate in India .However with the government’s own auditing department CAG raising allegations of collusion and corruption,Reliance too may find itself snared in the corruption scandal.Note the infamous Nira Radia tapes had ample proof of how the powerful Reliance group manages the appointment of its favored persons in key federal ministries.The company must now by hoping that the Supreme Court which is already preoccupied with a ton of corruption cases does not take a keen interest and gets the CBI to investigate the allegations.

The CAG has rapped oil ministry and its technical arm DGH charging it with favouring Reliance Industries, but did not say if the Mukesh Ambani firm overbilled the government when it more than doubled KG-D6 gas field cost and caused loss to state exchequer.The CAG in its draft audit report of KG-D6 block said the ministry and the Directorate General of Hydrocarbons allowed Reliance to raise cost of developing the nation’s largest gas fields by 117 per cent.It said rules were also bent to grant “huge benefits” to Reliance when the ministry allowed the company to retain entire block but said gains cannot be quantified.”The increase in cost from (USD 2.39 billion proposed in the) Initial Development Plan (of May 2004) to (USD 5.196 billion) in the addendum to the Initial Development Plan is likely to have a significant impact on the government of India’s financial take.

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