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date_range 30 Oct 2018 7:50 PM IST Updated On
date_range 30 Oct 2018 7:50 PM ISTVedanta gets extension for oil block
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New Delhi: Vedanta Ltd. has won a 10-year extension of its contract for the prolific Rajasthan oil block, but on the condition that it pays a higher share of profit to the government, the company said on Monday.
The 25-year contract for exploration and production of oil and gas from Barmer block RJ-ON-90/1 of Vedanta, formerly Cairn India, is due for renewal on May 14, 2020.
“The Government of India ..., has granted its approval for a ten-year extension of the Production Sharing Contract for the Rajasthan Block, RJ-ON-90/1,” the company said in a filing with the exchanges.
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