Centre can ask 10% more share in profits from Barmer block to extend PSC with Vedanta: HC

The Delhi High Court Friday said the Centre can demand 10 per cent higher share in the profit derived from oil produced by Vedanta NSE 1.96 % from the Barmer oil field in Rajasthan to extend the production sharing contract (PSC) with the company for another 10 years.

A bench of Chief Justice D N Patel and Justice Jyoti Singh said no embargo can be placed on the right of the government to extend the contract on terms which are at variance with the initial terms of the PSC, “so long as they are in public interest and subserve the purpose of maximising revenue generation”.