Oil Price RIL, BP and Niko join Forces to Put Pressure on Indian Government
RIL, BP and Niko have issued a Notice of Arbitration to the Government of India: The oil companies want to force authorities to implement the “Domestic Natural Gas Pricing Guideline 2014”, which could bring them higher prices.
According to the firms, investments of around US $ 4 billion are at stake this year if the policy is not implemented. In addition, it would delay the development of recently discovered reserves in the offshore KGD6 block, were around US $ 8-10 billion could be invested. This domestic production could be essential for meeting India’s energy needs and to help conserve foreign exchange which is required for imports of natural gas into India at the present time, RIL stated.