(PTI)
The government has moved Delhi High Court to enforce a USD 3.8 billion recovery from Reliance Industries, Shell and ONGC following an English court ruling over its share from the Panna-Mukta and Tafields in western offshore, Oil Minister Dharmendra Pradhan said. The liability is to be split between the three companies in proportion to their stake in the fields. State-owned Oil and Natural Gas Corp (ONGC) has 40 per cent interest while RIL and Shell hold 30 per cent each.
In a written reply in Rajya Sabha, Pradhan said that based on the Final Partial Award (FPA) dated October 12, 2016, the Directorate General of Hydrocarbons (DGH) had on May 25, 2017, raised demand for USD 3.8 billion on ONGC, RIL and Shell towards government of India share of profit petroleum and royalty. RIL and Shell challenged the FPA before the High Court in London. ONGC was not party to the arbitration.
