Petroleum Ministry Demands $2.81 Billion From RIL And Its Partners Over Alleged Gas Extraction From ONGC’s Block|Economy News

New Delhi: Reliance Industries on Tuesday obtained a need notification from the Ministry of Petroleum and Natural Gas, requiring an amount of $2.81 billion from the team and its companions consisting of British power significant BP Plc over declared gains made from gas that might have moved from state-run ONGC’s adjoining block. The need is approximated to be worth Rs 24,500 crore.

“Consequent upon the abovementioned Division Bench judgment, the Ministry of Petroleum and Natural Gas has raised a demand of US $2.81 billion on the PSC Contractors namely Reliance Industries Limited, BP Exploration (Alpha) Limited and NIKO (NECO) Limited. The letter of demand was received by the Company at 11:30 a.m. on March 3, 2025,” RIL created in a governing declaring.

Reliance claimed it is “legally advised that the Division Bench judgment and this provisional demand are unsustainable” which it is taking actions to test the judgment of the Division Bench of theDelhi High Court

“The company does not expect any liability on this account,” includedReliance Industries Reliance Industries shares decreased as long as 1.0 percent to Rs 1,159.3 each in intraday profession on BSE. At 3 pm, the supply was off its intraday reduced, trading 0.4 percent reduced for the day at Rs 1,166.2. .
. (* )to an earlier declaring, the

According on Delhi High Court 14 reversed a worldwide adjudication tribunal judgment that held the duo exempt for paying any kind of payment for the gas they generated and marketed which had actually presumably moved from adjacent areas.February,

Initially held 60 percent rate of interest in Reliance container deep-sea block KG-D6, while BP had 30 percent and the continuing to be 1 percent was with Krishna Godavari’sCanada Niko, Later and BP took control of Reliance rate of interest in the manufacturing sharing arrangement. .
.(* ),Niko’s and its companion BP hold 66.66 percent and 33.33 percent risks, specifically. .
.

Currently’s a timeline of a few of the vital occasions pertaining to this tale: Reliance .

Here 2016, the main federal government looked for $1.55 billion from

and its companions for the amount of gas presumably moved to its block KG-D6 from adjacent areas of ONGC.
• In .Reliance opposed the insurance claims prior to an arbitral tribunal.

2018, the tribunal promoted that the business was not required to pay any kind of payment.

• Reliance .In after that submitted an allure in 2023. A single-judge bench of the

promoted the adjudication honor, disregarding the federal government’s charm.

• The Centre . Delhi High Court, a department bench of the

reserved that single-judge order, ruling versus

• In February and its companions. (Delhi High Court)Reliance .
  With Inputs From Agency