The Oil and Pure Gasoline Company (ONGC) manages the oil and gasoline that produces the CB-OS/2 Cambay Basin Block after the federal government turned down a request to increase the Manufacturing Shared Settlement (PSC) filed by Vedanta, the block operator.
On September 19, the Federal Division of Oil and Pure Gasoline notified the “contractors (Vedanta, ONGC, and Tata Petrodyne)” of the CB-OS/2 PSC block. The state-owned enterprise notified the inventory alternate on Monday.
The directions given to the ONGC to proceed its oil operations are “a purely interim measure for the Indian authorities to take care of the continuity of the oil operations within the public curiosity and to guard the oil reserves till the bloc is awarded to the opposite celebration,” the corporate mentioned.
The CB-OS/2 block, composed of Lakshmi and Gauri Fields, an offshore block on the West Coast, at present produces 3,400 barrels of oil and 340,000 SCMD of gasoline per day. The block was awarded to Cairn Vitality India in 1998 beneath the New Exploration License Coverage (NELP) PSC. PML was granted in 2002.
Vedanta has acquired 40 stakes within the block by Cairn Vitality, however ONGC holds a 50% revenue on the property, with the remaining 10% holdings 10% together with Tata Petrodyne, who was acquired by Invenire Vitality.
