New Delhi: The justice A.P. Shah Committee looking into the dispute between state-run Oil and Natural Gas Corp. (ONGC) and Reliance Industries Ltd (RIL) regarding the flow of gas between their adjacent fields in the Krishna-Godavari basin will submit its report to oil minister Dharmendra Pradhan on Wednesday, said a person privy to the development.

The oil ministry will take a call on when to make the contents of the report public, said the person, who spoke on condition of anonymity.

Cairn India and its joint venture partner ONGC have drawn up a 10-year roadmap for development of their Barmer hydrocarbon block in Rajasthan. The plan brings the exploration firms a step closer to getting an extension of the block’s lease by 10 years beyond 2020, when the current lease ends.

On July 28, the Delhi High Court asked the Centre to decide “within five weeks” whether it will extend the production-sharing contract (PSC) for the block — RJ-ON-90/1, spread over 3,111 sq km west of Barmer.

Starting this fiscal, the government will bear the entire fuel subsidy burden, doing away with the practice of shifting part of it to upstream oil companies. The move, enabled by the steep decline in under-recoveries since FY15 due to the global oil price decline, the decontrol of petrol and diesel and cut in LPG subsidy, would boost the bottom lines of ONGC, Oil India and Gail India, and make them more attractive to investors.

State-owned ONGC shelled out Rs 18,787 crore in excess subsidy over 3 years as it 'over- reported' crude oil production by 12%, which also resulted in extra payment of peformance related pay to its executives, government auditor CAG said on Monday.

In a report tabled in Parliament, the Comptroller and Auditor General of India (CAG) said ONGC 'over-reported' its crude oil production by 12% through inclusion of items like condensate in the output.

Reliance Industries (RIL) has blamed government-owned ONGC for ‘not pointing out’ more than a decade back the underground contiguity of their adjacent deepwater blocks in the Krishna Godavari (KG) basin. RIL has argued that the 2003 report, cited by ONGC before the AP Shah panel, was preliminary in nature and carried out just to meet regulatory norms and that it did not offer any scope for joint development of the blocks at that time.

State-owned Oil and Natural Gas Corp (ONGC) and Hindustan Petroleum Corp Ltd (HPCL) may sell a part of their stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) to comply with regulations on minimum public holding.

Public shareholding in the Mangalore-based refiner is currently just 11.42 per cent, not even half of the mandatory 25 per cent public float required by the Securities and Exchange Board of India (SEBI) for listed companies.

State-owned ONGC and private sector Cairn India have demanded halving of cess on domestic crude oil production saying their burden has actually gone up after Finance Minister Arun Jaitley’s Budget exercise aimed at reducing the levy. Oil and Natural Gas Corp (ONGC) paid Rs 4,500 per tonne cess on crude oil it produced from almost all its fields including prime Mumbai High, till February 2016. In Budget for 2016-17, Jaitley changed the cess from specific levy to an ad valorem rate of 20 per cent of crude oil price.

State-owned Oil and Natural Gas Corp (ONGC) will have to shell out Rs 392 crore and Oil India Ltd over Rs 1,100 crore after the government ordered them to pay royalty at gross crude oil price and not the net rate they actually realise.

"We have to pay a total of Rs 392.50 crore to implement the order to pay royalty to state governments on revised terms from back date of February 2014," a senior ONGC official said.

Seven Indian companies have made it to the latest Fortune 500 list of the world’s biggest corporations in terms of revenue with the retail giant Walmart topping the global rankings. Indian Oil Corp is ranked highest at 161st among Indian firms, while another state-run firm ONGC has moved out of the rankings for 2016. Private gems and jewellery major Rajesh Exports has made its debut at 423rd position.

Government-owned explorers ONGC and Oil India face an additional royalty burden of more than $1 billion after the Narendra Modi government decided that they would have to pay royalty to crude oil-producing states such as Assam, Gujarat, Andhra Pradesh, Rajasthan and Tamil Nadu at ‘pre-discount’ rates.

“It has been decided that ONGC and Oil India will pay royalty to all similarly placed crude oil-producing states at pre-discount prices effective February 1, 2014, pending the outcome of the special leave appeal filed by ONGC before the Supreme Court,” said a petroleum ministry order dated July 15.

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