Diabytes
Production Sharing Contract News
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Delhi High Court Monday directed the government to positively take a decision within two months regarding extension of a production sharing contract (PSC) it has with Cairn India, a subsidiary of UK-based Vedanta group, to produce oil from a Rajasthan block till 2020.
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State-owned ONGC has received green nod for its Rs 350-crore project of drilling 22 exploratory wells in NELP-9 blocks located at Banaskantha, Gandhinagar and Ahmedabad districts of Gujarat.
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The ministry held that the move is in accordance with the provisions of the contract and there's no dispute that needs to be arbitrated upon.
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