Cairn Oil & Gas, a unit of Vedanta Ltd, wants licence for its prolific Rajasthan block to be extended for the life of the oilfield as it will help it in formulating investment plans to exploit all of the resources, its new CEO Nick Walker said. The company in October last year got a 10-year extension of the licence for the Rajasthan oil block till May 14, 2030
However, this period is not enough to bring out and produce all of the oil and gas reserves. The company is carrying out the world’s largest Alkaline Surfactant Polymer (ASP) project wherein output is being sought to be increased by injecting polymer in the fields.
Walker said the results of the ASP will be visible only after 2030 and so the extension of the production sharing contract (PSC) for the life of the field and not be limited by an artificial timeline.
