Reliance Industries Penalised for Production Shortfall

The government has disallowed Reliance Industries Ltd (RIL) from recovering $2.376 billion (Rs 14,256 crore at 1 dollar = 60 rupees) invested to develop offshore gas fields in the D6 block on the country's east coast as output has fallen drastically and is way below the promised volumes, Oil Minister Dharmendra Pradhan said on Monday. Under its exploration policy, the government allows companies to first recover their costs from...