Another $579 million fine imposed on Reliance for KG Basin gas

The Government has imposed a fine of $579 million on the Reliance industries for showing reduced output in KG Basin gas fields, revealed the central oil minister Dharmendra Pradhan in Lok Sabha today. This puts the total fine at $2.376 billion for missing the target in four fiscal years starting from April 1, 2010. The target set for KG Basin D6 block was 80 million standard cubic meters. It has been getting down drastically presently reaching just 8.05 million standard cubic meters. The matter is under arbitration.

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