Follow us on
Welcome Guest! You are here: Home » National
Ex-judge named arbitrator in RIL gas output case
Friday July 18, 2014 8:56 AM, IANS

The government Thursday appointed former Supreme Court Justice G.S. Singhvi as its arbitrator in the arbitration initiated by the consortium of Reliance Industries Ltd (RIL), Niko Ltd and BP on the output from the KG-D6 gas fields in the eastern offshore.

The ministry had in 2012 ordered a penalty of over $1 billion on RIL for failing to produce gas in line with the pre-stated targets. It had blamed the company for deliberately suppressing production by not drilling the required number of wells.

RIL has approached for arbitration against the order, saying the fall in output is owing to geological complexities and lower than anticipated reserves.

Acknowledging that the issue was under arbitration, Petroleum Minister Dharmendra Pradhan told parliament Monday that a fresh notice had been served on Reliance Industries seeking additional penalty for lower production of gas.

"The contractor of the block KG-DWN-98/3, M/s RIL has invoked arbitration against the action of the Ministry of Petroleum and Natural Gas of disallowing the cumulative development costs," the minister said.

RIL had nominated Sir David Steel as their arbitrator.

Share this page
Note: By posting your comments here you agree to the terms and conditions of
comments powered by Disqus
| Quick links
Contact us
Subscribe to: RSS » Facebook » Twitter » Newsletter Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.
© 2012 Awaz Multimedia & Publications. All rights reserved.