Extend Barmer Oil production Sharing contract with Vedanta for another 10 years : Delhi High Court

0 675

NewDelhi : The Delhi Hon’ble HighCourt has directed the Government of India to extend the  Production Sharing Contract for the Barmer oil Block for a period of 10 years beyond the current contract term.

“The Hon’ble Delhi High Court on May 31, 2018 allowed the writ petition filed by Vedanta Limited (‘the Company’), directing Government of India to extend the Production Sharing Contract for the Rajasthan Block for a period of 10 years beyond the current contract term in accordance with Article 2.1 of the Production Sharing Contract on the same terms and conditions” the company said in a regulatory filing.

Vedanta subsidiary Cairn’s contract with the Rajastan Block will lapse in 2020. With this order the company will now get another 10 year beyond 2020.

“The Hon’ble Delhi High Court whilst pronouncing the judgment also directed Government of India to formally communicate its decision extending the Rajasthan Block Production Sharing Contract within two weeks”.

Leave A Reply

Your email address will not be published.