Cairn Oil & Gas, a Vedanta Ltd unit, has secured approval from the government to extend the production sharing contract (PSC) for its Rajasthan block for ten years until May 2030. The firm says this contract extension will spur capex investment and encourage private players entering the sector.
“This extension will be a key determinant in our goal of doubling production, and help India achieve energy atmanirbharta
. Home to prolific fields, the bloc demands extensive investment in technologies to enhance recovery. The field also carries potential for new explorations," Prachur Sah, Deputy CEO, Cairn Oil & Gas said.
First Published: Oct 27 2022 | 8:42 PM IST