10 year extension for Cairn, Oil & Gas operated Rajasthan Block
Government of India extends the tenure of the Production Sharing Contract (PSC) for Rajasthan Block(RJ-ON-90/1)
The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas (the “GoI”) has granted its approval for a ten-year extension of the PSC for the Rajasthan Block, RJ-ON-90/1 (the “RJ Block”).
The tenure of the RJ Block PSC is due to expire on 14thMay, 2020. The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15thMay, 2020. Such extension has been granted by the GoI, pursuant to itspolicy dated 7thApril, 2017 for extension of Pre-New Exploration Licensing Policy (“Pre-NELP”) Exploration Blocks PSCs signed by the GoI (the “Pre-NELP Extension Policy”), subject to certain conditions. The applicability of the Pre-NELP Extension Policyto the RJ Block PSC is currently sub judice.
For further information, please contact:
Head, Corporate Communications
Tel: +91 124 459 3000
Director –Investor Relations
Associate Manager –Investor Relations
Tel: +91 22 6646 1531
About Vedanta Limited
Vedanta Limited is a diversified natural resources company, whose business primarily involves producing oil & gas, zinc -lead -silver, copper, iron ore, aluminium and commercial power. The company has a presence across India, South Africa, Namibia, Australia and Ireland. Vedanta Limited is the Indian subsidiary of Vedanta Resources Plc.Governance and Sustainable Development are at the core of Vedanta's strategy, with a strong focus on health, safety and environment and on enhancing the lives of local communities. The company is conferred with the Confederation of Indian Industry (CII) ‘Sustainable Plus Platinum label’, ranking among the top 10 most sustainable companies in India. To access the Vedanta Sustainable Development Report 2017, please visithttp://sd.vedantaresources.com/SustainableDevelopment2016-17/Vedanta Limited is listed on the Bombay Stock Exchange and the National Stock Exchange in India and has ADRs listed on the New York Stock Exchange.
Vedanta Limited (the "Company") has been working in partnership with its joint operation partner, ONGC in the RJ Block. The RJ Block PSC was signed in May 1995 between the GoI and a consortium consisting of ONGC and Shell India Production Development BV. Company currently holds 35% participation interest share of the RJ PSC and one of Company’s indirect subsidiaries, Cairn Energy Hydrocarbons Limited, holds additional 35% participation interest share, aggregating Company’s total participating interest share in the RJ Block PSC to 70%. The remaining 30% participating interest in the RJ Block PSC is held by ONGC.
For more information please visit www.vedantalimited.com
Vedanta, 75, Nehru Road, Vile Parle (East), Mumbai -400 099
Regd. Office: 1stFloor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai –400 093