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Oil ministry may penalize RIL on low output

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Published: Tuesday, November 22, 2011, 13:09 [IST]
 
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Oil ministry may penalize RIL on low output

Petroleum Ministry may take action against Reliance Industries Ltd for the falling output from its east coast fields – Krishna-Godavari basin in four weeks, oil secretary G C Chaturvedi said.

The government has set a target of more than 60 million units of gas everyday for RIL, while it managed to give an output of mere 35 million units.

Mr G.C. Chaturvedi, Petroleum Secretary, said, “We had sought the views of the Law Ministry. Our Ministry is examining its views. In next three-four weeks we will be able to decide on the future course of action.”

Chaturvedi told reporters, “If needed, we may change the production sharing contract with the consent of the Parliament.”.

Dollar versus Rupee rate has already breached the level of 52, which is another pinch for the oil marketing companies who sell fuel on subsidy.

India imports nearly 70% of its oil requirement i.e. 3 million barrels per day, every one rupee fall in Indian Rupee adds Rs 8,000 crore to the costs of the oil marketing companies, said oil secretary.

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Topics: ril, oil and gas, fuel, dollar
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