ONGC emerges victorious in cost disputes totaling Rs 1,000 crore across three offshore blocks.
ONGC, a government-owned entity, secures a unanimous international arbitration victory amounting to Rs 1,000 crore against Petrobras, ENI, and Rocksource. The arbitration awards validate ONGC's exceptional workmanship.
The state-owned ONGC has successfully concluded international arbitration, securing Rs 1,000 crore in cost-sharing disputes against Petrobras of Brazil, ENI of Italy, and Rocksource (now Pure E&P) of Norway. This achievement comes over a decade after the aforementioned global majors exited three offshore exploration blocks in the Mahanadi, Krishna-Godavari, and Cauvery basins.
The arbitration proceedings, initiated between 2014 and 2016 by advocate K R Sasiparabhu, were held in London for Petrobras and ENI, while those against Rocksource/Pure E&P took place in Delhi. All arbitration awards favouring ONGC were unanimous, reflecting a vote of confidence in its exemplary workmanship—an argument presented by the foreign companies attempting to avoid cost-sharing. The disputes revolve around blocks MN-DWN-98/3 in the Mahanadi basin off the Odisha coast, CY-DWN-2001/1 in the Cauvery basin covering Tamil Nadu, Karnataka, and Kerala, as well as KG-DWN-98/2 in the Krishna-Godavari basin off the Andhra coast.
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