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News Brief | April 2016

Cabinet decision hits Essar

Essar Oil faced a significant setback after Cabinet Committee on Economic Affairs (CCEA) decided to return Essar´s Ratna and R-series oil and gas fields to state-run Oil and Natural Gas Corporation (ONGC), the original licensee. The fields located off the Mumbai coast were awarded to a consortium of Essar Oil and Oil Pacific UK 20 years ago. However the projects languished and no formal production sharing contract was signed due to differences over royalty rates and other issues.
Contact: Essar Oil
Tel: +91-22-6733 5000
Website: http://www.essaroil.co.in/
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