Millennium Post

Reliance Industry, BP get impatient to exit block

The Ministry of Petroleum and Natural Gas (MoPNG) is yet to reply to the Reliance Industries Ltd (RIL)- BP plc duo’s plea for relinquishment of deepwater block KG-DWN-2005/2.  

The request of the private Indian and British energy MNCs has been forwarded by the Directorate General of Hydrocarbon (DGH), our country's upstream hydrocarbon industry regulator, to the oil and gas ministry.

While BP stands thoroughly discredited at the global level in the wake of last week’s ruling by US District Judge Carl Barbier that it had been grossly negligent in the Gulf of Mexico Deepwater Horizon disaster, one of the worst offshore oil spills in history, Mukesh Ambani-led RIL too has been mired in several shady controversies. The excuse that the RIL-BP duo has given to justify the bid to renege on their KG-DWN-2005/2 commitments is that they are not being allowed to carry out exploration in 70 per cent of the contract area due to defence ministry restrictions.

Astonishingly, they want to relinquish the block without even paying any penalties. However, the DGH has said that the operator duo must pay $33.02 million.
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