Government challenges PMT fields verdict in UK high court

The government has challenged before the English High Court an arbitral award over the development cost applicable to the Panna, Mukta and Tapti (PMT) fields in an old dispute with Reliance Industries and Shell, which has gone back and forth between the arbitration tribunal and courts for years.

The dispute between the government and erstwhile stakeholders in PMT fields—Reliance Industries and Shell (formerly BG Exploration)—has been over the state’s share of income from these fields. RIL NSE 0.91 % and Shell owned 30% participating interest each in the PMT fields while ONGC NSE