Business

India Loses Challenge To $111 Million Arbitration Award In Dispute With Reliance, Shell

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The Panna-Mukta (primarily an oil field) and Mid & South Tapti (gas field) are shallow-water fields located in the offshore Bombay basin. Discovered by state-owned Oil and Natural Gas Corp (ONGC), they were bid out in 1994 to a consortium of ONGC (40%), Reliance (30%) and Enron Oil & Gas India Ltd (30%).

In February 2002, BGEPIL acquired Enron’s 30% stake in the joint venture. BGEPIL was subsequently taken over by Shell.



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