Dudley, Ambani meet Moily
Quotes

Dudley, Ambani meet Moily

Last Updated: Friday, October 18, 2013, 18:23
 
 Comment 0
 
Dudley, Ambani meet Moily
New Delhi: BP Plc Chief Executive Bob Dudley and Reliance Industries Chairman Mukesh Ambani today met Oil Minister M Veerappa Moily to voice concerns over being penalised twice for gas output from their KG-D6 fields not matching targets.

Dudley, whose company last year made the largest foreign direct investment in the oil sector, followed it up with a meeting with Finance Minister P Chidambaram.

Ambani was not present when Dudley met Chidambaram.

Moily said issues surrounding KG-D6 were discussed, while Dudley emphasised that his company was committed to staying invested in the country despite regulatory uncertainties.

Dudley's third visit to India this year comes at a time when the Oil Ministry, at the insistence of
Finance Ministry, is seeking to deny his company and its partner RIL a new gas price for producing less natural gas than projected.

This punishment is on top of USD 1.8 billion penalty that is already being imposed on them. Also, the Directorate General of Hydrocarbons (DGH) is seeking to strip them off 8 gas discoveries holding 1.15 trillion cubic feet of reserves worth USD 14 billion from their eastern offshore KG-D6 block.




PTI

First Published: Friday, October 18, 2013, 18:23


Comments


comments powered by Disqus
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics
Google I/O 2014
Google I/O 2014
Maker Faire @ White House
Maker Faire @ White House
Amazon unveils 3D `Fire` smartphone
Amazon unveils 3D `Fire` smartphone
RIL`s 40th AGM
RIL`s 40th AGM

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved