Anil Agarwal-controlled Vedanta Ltd on Monday informed stock exchanges that it had got a 10-year extension from the Indian government for Cairn’s oil & gas-operated RJ-ON-90/1 block in Rajasthan’s Barmer district.
“The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas has granted its approval for a ten-year extension of the PSC (production-sharing contract) for the Rajasthan Block, RJ-ON-90/1 (the ‘RJ Block’),” Vedanta said in its statement to the BSE.
The tenure of the RJ Block PSC, which was due to expire on May 14, 2020, has been extended for an additional period of 10 years with effect from May 15, 2020.
The extension was granted under the government’s policy dated April 7, 2017, for extension of Pre-New Exploration Licensing Policy (Pre-Nelp) exploration blocks’ PSCs, subject to certain conditions. Read More