Govt extends Vedanta's Barmer block production-sharing contract by 10 years

The extension has been granted under the government's policy for extension of Pre-Nelp exploration blocks' PSCs, subject to certain conditions

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