RIL statement on ONGC action(full text)

Ahmedabad, 15 May, 2014

Reliance has issued a statement on ONGC action. Following is the full text of the statement:

It appears that ONGC has filed certain proceedings in relation to issues pertaining to development and production of natural gas from KG basin before the Hon’ble Delhi High Court.

All petroleum operations undertaken by RIL have been in accordance with the Production Sharing Contract and the Development Plan approved by Management Committee which has Government representatives with veto powers. All well locations and well profiles have been specifically reviewed and approved by the Management Committee.

RIL has been constructively engaged with ONGC in sharing of data and finding a suitable resolution through appointment of an independent Third Party expert – the most recent being as late as on 9 May 2014. ONGC and RIL have jointly signed Minutes of a Meeting to record such an understanding. Any inference prior to such assessment is mere speculation and commencement of legal proceedings at this juncture is unwarranted. Any claims of any impropriety on the part of RIL, if these have been made, are baseless and RIL will take appropriate steps to safeguards its position and rights.