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Govt demand for larger share in profit from oil fields premature: RIL

Centre sought $3-bn from the firms after an international tribunal upheld the govt's view

Reuters  |  New Delhi 

The government's demand for an additional share in the profits and royalty from the contractors of Panna Mukta and Tapti oil and gas fields is "premature", Reliance Industries said in a statement on Tuesday. Reliance and Royal Dutch Shell own 30 percent interest each in the fields, off India's west coast, while Oil and Natural Gas Corp holds the remaining 40 percent. India sought $3 billion from the companies after an international tribunal upheld the government's view that profit from the fields be taxed at the current rate of 33 percent and not the ...

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First Published: Tue, July 18 2017. 18:21 IST
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