Vedanta unit plans 10-year extension for Barmer field in Rajasthan
OIL & GAS

Vedanta unit plans 10-year extension for Barmer field in Rajasthan

Vedanta's Cairn Oil and Gas plans to sign a production-sharing contract (PSC) extension for 10 years with the government for its Barmer field in Rajasthan.

Vedanta sought the court's intervention after its request to the government in 2009 to extend the PSC did not get any response. The government had been extending the PSC from time to time for brief periods since May last year.

According to Vedanta, the delay in PSC extension by the government had prevented it from investing over Rs 30,000 crore in the Barmer field for further exploration, adding that estimated recoverable assets in the Barmer block were around 1.2 billion barrels of oil equivalent, out of which 466 million barrels are expected to be recovered beyond the current PSC period till 2030.

The company is also producing natural gas from the Rajasthan block. On Wednesday, Vedanta told the media it has commenced oil production from its facility in Aishwariya Barmer Hills in Rajasthan.

On Thursday, Vedanta Ltd reported a consolidated profit of Rs 6,432 crore for Q4 FY21 driven by better volume, lower cost of production, and higher commodity prices. The company posted a loss of Rs 12,521 crore in the year-ago period.

Image Source


Also read: Vedanta signs MoU with research institutes for bauxite value-creation

Vedanta's Cairn Oil and Gas plans to sign a production-sharing contract (PSC) extension for 10 years with the government for its Barmer field in Rajasthan. Vedanta sought the court's intervention after its request to the government in 2009 to extend the PSC did not get any response. The government had been extending the PSC from time to time for brief periods since May last year. According to Vedanta, the delay in PSC extension by the government had prevented it from investing over Rs 30,000 crore in the Barmer field for further exploration, adding that estimated recoverable assets in the Barmer block were around 1.2 billion barrels of oil equivalent, out of which 466 million barrels are expected to be recovered beyond the current PSC period till 2030. The company is also producing natural gas from the Rajasthan block. On Wednesday, Vedanta told the media it has commenced oil production from its facility in Aishwariya Barmer Hills in Rajasthan. On Thursday, Vedanta Ltd reported a consolidated profit of Rs 6,432 crore for Q4 FY21 driven by better volume, lower cost of production, and higher commodity prices. The company posted a loss of Rs 12,521 crore in the year-ago period. Image SourceAlso read: Vedanta signs MoU with research institutes for bauxite value-creation

Next Story
Infrastructure Energy

Samridh, CEID Launch High-Capacity Biogas Plant in Moradabad

Samridh Bioenergy has broken ground on a 12 TPD compressed biogas (CBG) plant in Moradabad, Uttar Pradesh, under the MNRE’s National Bioenergy Programme. Spread across 12 acres, the plant will process 270 tonne of organic waste daily and generate 30,000 cubic metre of biogas per day.CEID Consultants and Engineering Pvt Ltd has been appointed as the EPC contractor, responsible for the complete design, procurement, and construction of the plant. Equipped with four multi-feed digesters, the facility will accept a mix of press mud, cow dung, chicken litter, and vegetable waste, supporting contin..

Next Story
Real Estate

Delhi Micro-Markets Drive Up Housing Prices: Grihum Study

A new study by Grihum Housing Finance reveals that the rise of micro-markets across Delhi-NCR is fuelling real estate price appreciation, especially in the affordable housing segment. Key drivers include renewed post-pandemic interest, migration trends, and government schemes like PMAY.According to the study, over the past two decades, floor rates have risen 267 per cent, from Rs 1,500 per sq ft in 2005 to Rs 5,500 in 2024. In the same period, land rates surged 492 per cent, from Rs 1,300 to Rs 7,700 per sq ft. The sharp increase highlights strong capital appreciation in Delhi’s emerging loc..

Next Story
Resources

Covestro Develops PCR Polycarbonates from End-of-Life Headlamps

Materials manufacturer Covestro has launched post-consumer recycled (PCR) polycarbonates made from end-of-life automotive headlamps, in a move aimed at strengthening circularity in the auto industry. These TÜV Rheinland-certified grades, containing 50 per cent recycled content, are now commercially available for new automotive applications.Developed under a joint programme led by GIZ, with Volkswagen and NIO as key partners, the recycled material is currently being validated for use in future vehicle models.""This new line of polycarbonate represents a significant step in supporting the autom..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?