RIL, Shell, ONGC Asked To Pay $3 Billion In Penalty

RIL, Shell, ONGC Asked To Pay $3 Billion In Penalty

The government has ordered Reliance Industries (RIL), Shell and ONGC to pay a combined $3 billion in penalty following an arbitration award in the Panna Mukta Tapti (PMT) oil field dispute that went in favour of the government, according to people familiar with the matter. RIL and Shell have appealed the arbitration award in a UK court.

Reliance Exits Peru Oil Block

Reliance Exits Peru Oil Block

Reliance Industries has pulled out of the last oil block it held in Peru, trimming its overseas assets to just two properties in Myanmar. The billionaire Mukesh Ambani-led firm had in 2007 set up Reliance Exploration and Production (REP) DMCC primarily for acquiring overseas assets.

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