REGENT COMPUTRONICS PVT. LTD.

OIL INDIA LIMITED Appellant

V/S

ESSAR OIL LIMITED Respondents

Referred Judgements :-

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NARAYAN PRASAD LOHIA VS. NIKUNJ KUMAR LOHOA [REFERRED TO]
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JUDGEMENT

(1.) Oil India Limited ('OIL') has in this petition under Section 34 of the Arbitration and Conciliation Act, 1996 ('Act') challenged the majority Award dated 6th August 2004 of the three member Arbitral Tribunal ('AT') that adjudicated the disputes between OIL and the Respondent Essar Oil Limited ('EOL') arising out of a contract dated 8th May 1995 entered into between the parties for drilling of offshore wells on turnkey basis offshore Saurashtra Coast, Gujarat and offshore North East Coast ('NEC'), Orissa for the purpose of exploration of oil and/or gas.

(2.) OIL issued Notice Inviting Tender ('NIT') dated 19th July 1993 for setting of four Offshore Exploratory Oil/Gas Wells, three Wells at Saurashtra Offshore of the West Coast of Gujarat and one Well in NEC, Offshore of Orissa (drilled with self-propelled floater including all supporting services for the exploration of oil and/or gas on turnkey basis).

(3.) In response to the NIT, EOL submitted its offer on 6th December 1993 which was subsequently clarified / amended. EOL submitted its final priced bid dated 13th January 1995 offering to deploy one Turret Moored Self-Propelled Drillship "Essar Discoverer" on turnkey basis complete with drilling and other associated equipment, personnel and services for the purpose of drilling of exploratory oil and gas wells and performing the Auxilary Operations and services for OIL (referred to in the contract as 'Operator'). After some exchange of correspondence, OIL accepted EOL's offer and a Letter of Intent ('LOI') dated 20th February 1995 was issued. Consequent upon the acceptance of EOL's offer, the parties entered into a contract dated 8th May 1995.

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OIL INDIA LIMITED Vs. ESSAR OIL LIMITED

Referred Judgements :-

JUDGEMENT

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