Vedanta gets 10-year extension for Rajasthan oil block
NEW DELHI: Billionaire Anil Agarwal’s Vedanta has got a 10-year extension of the licence for its prolific Rajasthan oil block till May 14, 2030, the firm said in a stock exchange filing on Thursday.
The initial licence to explore and produce oil and gas from the Barmer block expired on May 14, 2020. The government had agreed to a 10-year extension but it wanted a higher share of oil and gas from the block as well as settlement of Rs 5,651 crore dispute over cost recovery for the same.
Vedanta did not agree to either of the demands and challenged them in court. Against this backdrop, the company was given monthly or bi-monthly extensions, and the latest one is due to expire on October 31, 2022.
