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India asks Reliance to respond in 30 days on $1.55 bln penalty notice - source

Published 2016-11-04, 04:33 a/m
© Reuters. India asks Reliance to respond in 30 days on $1.55 bln penalty notice - source
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NEW DELHI, Nov 4 (Reuters) - India's oil ministry has given Reliance Industries RELI.NS and partners 30 days to respond to a $1.55 billion penalty notice, issued earlier on Friday, for selling gas belonging to blocks operated by Oil and Natural Gas Corp ONGC.NS , an oil ministry source said.

Reliance's shares fell by about 1.6 percent on the news.

International consultant DeGolyer & MacNaughton said in a report that 11.125 billion cubic meters of gas migrated during the six years to March 31, 2015, from ONGC's two blocks in Krishna Godavari basin, off the country's east cost, to the one operated by Reliance. did not immediately respond to an email seeking comment.

ONGC's two blocks are adjacent to the Reliance-operated block, in which U.K.-based BP BP.L holds 30 percent stake and Calgary-based Niko Resources Ltd NKO.TO has 10 percent share

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