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News Brief | December 2015

Cairn may get 10-year extension for Rajasthan block

The government may provide an extension for 10 years to Vedanta Group firm Cairn India for its oil exploration contract in Rajasthan, which will expire in 2020, if the company agrees to increase the Centre´s royalty share, CS Rajan, Rajasthan Chief Secretary said.

At present, the government´s profit from Cairn´s Rajasthan block is 50 per cent. But Rajan said that this time round, the risk factor had declined as oil reserves have already been located and they should be willing to part with the higher share of profit to the government.

Cairn owns a 70 per cent stake in the Barmer oil block, co-owned by ONGC, and is hoping to extend the contract beyond 2020. This block is responsible for one-fourth of the country´s oil production.

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