Cairn, ONGC pay higher profit share for Barmer block

Vedanta Ltd’s Cairn Oil & Gas and state-run Oil and Natural Gas Corporation Ltd (ONGC) have paid higher profit share to the government for their Rajasthan block for the period after its production-sharing contract (PSC) came to an end on 15 May last year, said a top government official.

The firm promoted by Anil Agarwal and India’s state-run upstream explorer paid $55 million as higher government share from the Barmer hydrocarbon block, known as profit petroleum, for the period, following a Delhi high court order last month on an appeal by the Union government. The PSC was signed on 15 May 1995 for a 25-year period.

While Vedanta made the payment on 30 March, ONGC paid its share of additional 10% profit petroleum along with applicable interest on 31 March.