D6 Block definition

D6 Block means the contract area Block KG-DWN 98/3 located offshore east coast India, as identified in a PSC entered into by Niko, Reliance and the GOI in April 2000;
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D6 Block means the contract area Block KG-DWN 98/3 located offshore east coast India, as identified in a production sharing contract entered into by Niko, Reliance Industries Limited and the Government of India in April 2000.
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Examples of D6 Block in a sentence

  • In November 2011, after unsuccessful attempts to resolve the dispute, the operator of the D6 Block, on behalf of the contractor group, commenced an arbitration proceeding against the GOI.

  • In the Company’s opinion, the operator of the D6 Block has acted in accordance with the provisions of the D6 PSC, with all wells drilled within the block boundaries as per the development plan approved by the relevant authorities under the PSC.

  • It is the GOI’s position that the contractor group is in breach of the PSC for the D6 Block due to the failure to drill all of the wells and attain production levels contemplated in the Addendum to the Initial Development Plan (“AIDP”) for the Dhirubhai 1 and 3 fields and therefore, the GOI asserts that certain costs should be disallowed for cost recovery.

  • As per the natural gas pricing formula, the gas price on currently producing fields in the D6 Block are determined on a semi-annual basis.

  • In November 2016, the contractor group of the D6 Block in India received a letter from the GOI, in which the GOI made claims against the contractor group in respect of gas said to have migrated from neighboring blocks to the D6 Block.

  • Later in November 2016, the operator of the D6 Block invoked the dispute resolution mechanism in the PSC on behalf of the contractor group and issued a Notice of Arbitration to the GOI, with the arbitration process currently underway.

  • In November 2016, the contractor group of the D6 Block received a letter from the GOI in which the GOI made a claim of$1.55 billion (Niko share $155 million) against the contractor group in respect of gas said to have migrated from neighboring blocks to the D6 Block.

  • The future minimum lease payments of the Company’s FPSO finance lease used in the D6 Block in India are as follows.

  • In November 2016, the contractor group of the D6 Block received a letter from the GOI in which the GOI updated its estimate of the costs that should be disallowed for cost recovery as at March 31, 2016 to $3.02 billion (Niko share $302 million) and its demand for payment for additional profit petroleum to $175 million (Niko share $17.5 million).

  • Advances under this facility are repayable from the Company's gross revenues from the D6 Block until an amount equal to 200 percent of the advanced amount has been paid.

Related to D6 Block

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