New Delhi: The government has imposed a new penalty of $264 million (Rs1,700 crore) on Reliance Industries Ltd and its partners for producing less than the targeted natural gas from eastern offshore KG-D6 fields in 2015-16. The government has claimed an additional $175 million as its profit share after the cost disallowance, the official said. Emails sent to RIL and BP remained unanswered. The government had for 2010-11 disallowed $457 million of cost, $548 million for 2011-12, $792 million for 2012-13, $579 million for 2013-14 and $380 million for 2014-15. The output was behind target in 2016-17 as well and the cost disallowance will be calculated only next year, the official said.

Source: Mint August 15, 2017 08:59 UTC