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News Brief | April 2016

Licence extension for 28 oil and gas fields

The Cabinet approved extending licences of 28 small-and-medium-sized oil and gas fields. Production sharing contracts (PSCs) for as many as 28 fields, including western offshore Panna/Mukta and Tapti oil and gas fields operated by BG Group of UK, are due for extension till economic life of the asset.
Although Cairn India┬┤s Rajasthan block apparently qualifies for the PSC extension, it has not been considered by the policy. The PSC for the block RJ-ON-90/1 expires in May 2020 and Cairn had sought an extension of 10 years.
Contact: Ministry of Petroleum and Natural Gas
Website: http://www.petroleum.nic.in/
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