The Oil Ministry has informed the Prime Minister´s Office (PMO) that a consortium-led by BG Group had caused a production loss of $ 5.6 billion in western offshore Panna/Mukta and Tapti oil and gas fields by not completing committed work programme.
In a status report on the arbitrations relating to the PMT field, Oil Ministry on December 2 wrote to PMO that it is trying in all possible ways to protect government´s interest by strengthening the legal team, hiring of expert witnesses and moving to Supreme Court for filing curative petition.
Sources said the ministry told PMO that BG and its partners Reliance Industries and ONGC, had initiated arbitration on the issue related to cost recovery limit prescribed in the Production Sharing Contract (PSC), calculation of royalty on gas production and government audit issues.
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