ONGC Takes Control of Cambay CB-OS/2 Block After Vedanta PSC Denial
OIL & GAS

ONGC Takes Control of Cambay CB-OS/2 Block After Vedanta PSC Denial

Oil and Natural Gas Corporation (ONGC) is assuming control of the CB-OS/2 Cambay basin block following the government’s refusal to extend the production sharing contract (PSC) filed by Vedanta, the block’s operator.
On September 19, the Union Ministry of Petroleum and Natural Gas informed the contractor parties—Vedanta, ONGC and Tata Petrodyne—that Vedanta’s PSC extension application had not been approved. In a separate communication, ONGC was directed to take charge of all data, assets, operations and responsibilities linked to the block as the government nominee. The company confirmed the takeover in a filing to stock exchanges on Monday.
ONGC clarified that this direction is a “purely interim measure by the Government of India to ensure continuity of petroleum operations in public interest and safeguard petroleum reserves until the block is awarded to another party.”
The offshore CB-OS/2 block on India’s west coast, comprising the Lakshmi and Gauri fields, currently produces 3,400 barrels of oil per day and 340,000 SCMD of gas. Originally awarded to Cairn Energy India under the pre-New Exploration Licensing Policy (NELP) PSC in 1998, the block received a Petroleum Mining Lease (PML) in 2002 after commercial discoveries. Vedanta acquired a majority stake in Cairn Energy in 2011, which was later merged with the group.
Vedanta, through Cairn Energy, held a 40 per cent stake in the block, ONGC 50 per cent, and the remaining 10 per cent with Tata Petrodyne, now acquired by Invenire Energy.

Oil and Natural Gas Corporation (ONGC) is assuming control of the CB-OS/2 Cambay basin block following the government’s refusal to extend the production sharing contract (PSC) filed by Vedanta, the block’s operator.On September 19, the Union Ministry of Petroleum and Natural Gas informed the contractor parties—Vedanta, ONGC and Tata Petrodyne—that Vedanta’s PSC extension application had not been approved. In a separate communication, ONGC was directed to take charge of all data, assets, operations and responsibilities linked to the block as the government nominee. The company confirmed the takeover in a filing to stock exchanges on Monday.ONGC clarified that this direction is a “purely interim measure by the Government of India to ensure continuity of petroleum operations in public interest and safeguard petroleum reserves until the block is awarded to another party.”The offshore CB-OS/2 block on India’s west coast, comprising the Lakshmi and Gauri fields, currently produces 3,400 barrels of oil per day and 340,000 SCMD of gas. Originally awarded to Cairn Energy India under the pre-New Exploration Licensing Policy (NELP) PSC in 1998, the block received a Petroleum Mining Lease (PML) in 2002 after commercial discoveries. Vedanta acquired a majority stake in Cairn Energy in 2011, which was later merged with the group.Vedanta, through Cairn Energy, held a 40 per cent stake in the block, ONGC 50 per cent, and the remaining 10 per cent with Tata Petrodyne, now acquired by Invenire Energy.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code