Vedanta has received approval from Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas (GoI) for a ten-year extension of the PSC for the Rajasthan Block, RJ-ON-90/1 (RJ Block).
The tenure of the RJ Block PSC is due to expire on May 14, 2020. The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from May 15, 2020. Such extension has been granted by the GoI, pursuant to its policy dated April 7, 2017 for extension of Pre-New Exploration Licensing Policy (Pre-NELP) Exploration Blocks PSCs signed by the GoI (Pre-NELP Extension Policy), subject to certain conditions. The applicability of the Pre-NELP Extension Policy to the RJ Block PSC is currently sub judice.
Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.
