Comments
Cairn Oil & Gas, Vedanta Ltd has got a 10-year extension to the production sharing contract (PSC) for the Ravva block in Andhra Pradesh.
With this extension, the PSC is now valid effective October 28, 2019, for the next 10 years, a company statement said.
Ravva, the oldest producing asset in India for Cairn, becomes the first large field to get PSC Extension under the Policy for the Grant of Extension to the Production Sharing Contracts signed by Government awarding small, medium sized, and discovered fields to private Joint Ventures.
The extension will enable the Joint Venture partners to recover around 13 million barrels of oil equivalent. In addition, the JV partners will invest close to ₹ 550 crore to drill seven wells under Revised Field Development Plan (RFDP) targeting additional reserves of approximately 11.7 million barrels of oil equivalent, a company statement said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.