Government challenges Panna-Mukta field arbitration award before English High Court

The government has challenged before an English High Court an arbitration award over a cost recovery dispute in the western offshore Panna-Mukta and Taoil and gas fields of Shell and Reliance Industries Ltd. NSE 0.77 % An arbitration “tribunal gave favourable award on January 29, 2021,” Reliance said in its latest annual report.

Reliance and Shell had through the arbitration sought raising of the limit of cost that could be recovered from sale of oil and gas before profits are shared with the government. The award came this year.

Both sides filed clarification applications before the Tribunal.

“On April 9, 2021, Tribunal issued its decision on the Clarification Applications of both the parties.