Shell and two other oil companies, Indian oil firms Reliance and ONGC, are to pay a fine of USD 3 billion (EUR 2.6 billion), according to India's government, which has issued the penalty in relation to the oil field Penna Mikta Tapti outside of Mumbai.
According to Indian authorities, the companies underestimated the profits from the field over a long period of time by calculating the field's net profit based on a former tax rate of 50 percent, thus not using the recently implemented tax rate of 33 percent. As such, the field has been less lucrative on paper, according to Indian authorities, than it actually is.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from EnergyWatch
Ørsted CEO says confidence not shaken by malfunction boom in Danish offshore wind
Recent years have seen crashing rotor blades, cracked foundations, and burning nacelles on a handful of turbines in the birthplace of offshore wind. Problems notwithstanding, the Danish utility’s CEO is convinced that such issues will not undermine confidence in technology.
Green steel production solely in EU would need renewable additions of 370TWh, report states
Making the steel industry sustainable faces several major challenges; firstly the need to add staggering volumes of renewable capacity, and secondly, legislative reform, says lobby Hydrogen Europe in a report.
HitecVision closes first green transition fund
Nordic pension funds are among the investors in the first private equity fund targeting the green transition launched by Norway's largest private equity firm, which has been focusing on the offshore energy industry for more than 30 years.
Siemens Gamesa lands 346MW deal in India
This order of 96 turbines brings the manufacturer’s total orders for its 3.X platform in India up to 1.4GW.
Nel doubles production capacity at Norwegian plant
The Norwegian electrolyzer manufacturer plans a two-fold extension of production capacity at the Herøya factory to accommodate booming demand.
Responsible Technical Support Manager for new function in eMobility Delivery in Norlys Energi 
Senior Project Manager for the offshore wind industry 
Chief / Senior Project Manager for Complex Green Gas Projects 
Project Manager for leading renewable energy company 
A lawyer (chief consultant) is wanted for People & Culture 
HV Specialist for newly created position 
GMP Compliance Consultant to Eltronic in Ballerup 
Heat pump Consultant and Coordinator 
Finance controller / project manager for Evida's operation and maintenance department 
Consultant to work with the important role of power plants in the green energy system of the future 
Senior Transaction Manager, M&A and Project Financing 
Senior Reservoir Engineer 
The Climate Council is looking for a student assistant with an interest in the climate area, good understanding of numbers and analytical sense 
Senior Project Manager