Reliance Industries Ltd.

The government has slapped a $1.55 billion fine on Reliance Industries (RIL) and its partners BP and Niko for extracting natural gas that came under the state-owned ONGC in the KG basin over the past seven years. As much as 11.122 billion cubic meters of gas worth Rs 11,000 crore at present, had migrated from its Godavari-PML and KG-DWN-98/2 blocks to adjoining KG-D6 of RIL between April 1, 2009 and March 31, 2015. This has emptied the ONGC’s reservoirs. The Oil ministry has issued a notice to all the three partners seeking compensation and asked them to respond in 30 days.

RIL is an India-based private sector company, with business in energy and materials value chain and in retail and digital services. The company operates in four segments: refining, petrochemicals, oil & gas and organized retail. The refining segment includes production and marketing operations of the petroleum products.