Comments
Vedanta Ltd said in a statement on Wednesday it will spend $245 million over three-fours years on exploration in the 10 blocks it has won in the second and third rounds of bids under the Open Acreage Licensing Policy (OALP).
The 10 blocks include seven onshore ones and three offshore ones. The capital expenditure will be met by using the group’s existing cash resources.
The exploration will include an Initial Exploration Phase and a Subsequent Exploration Phase. “The exploration period will be six years for all the blocks, subject to any extension granted. The development and production period of each contract will be a maximum of 20 years from the date of grant of the petroleum mining lease,” Vedanta 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.