The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier.
Reliance and Shell-owned BG Exploration & Production India on December 16, 2010, dragged the government to arbitration over cost recovery provisions, profit due to the State and amount of statutory dues including royalty payable. They wanted to raise the limit of cost that could be recovered from sale of oil and gas before profits are shared with the government. The government of India also raised counter claims over expenditure incurred, inflated sales, excess cost recovery, and short accounting.
Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.
| Company Name | CMP |
|---|---|
| Reliance Industries | 1308.85 |
| Indian Oil Corpn. | 138.95 |
| Bharat PetroleumCorp | 309.70 |
| HPCL | 395.35 |
| MRPL | 162.45 |
| View more.. | |
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