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 after the division bench of the Delhi High Court has reversed the judgment of the single judge.
Government of India had filed an appeal before the Division Bench of the Delhi High Court after the Company had won arbitral award issued by an eminent international arbitration panel on July 24, 2018 against the GOI’s claim on the KG-D6 Consortium for an amount of approximately US $1.55 billion on account of alleged gas migration from ONGC’s blocks.
A single judge of the Delhi High Court, on May 09, 2023, dismissed the GOI’s appeal challenging the arbitral award. “The Company is taking steps to challenge the judgment of Division Bench of Hon’ble Delhi High Court,” said Reliance Industries Limited in their regulatory filing.
