10 Year Extension For Cairn, Oil & Gas Operated Rajasthan Block
The Government of India, acting through the Directorate General of Hydrocarbons, Ministry of Petroleum and Natural Gas (the “GoI”) has granted its approval for a ten-year extension of the PSC for the Rajasthan Block, RJ-ON-90/1 (the “RJ Block”).
The tenure of the RJ Block PSC is due to expire on 14th May, 2020. The tenure of the RJ Block PSC has been extended for an additional period of 10 years with effect from 15th May, 2020. Such extension has been granted by the GoI, pursuant to its policy dated 7th April, 2017 for extension of Pre-New Exploration Licensing Policy (“Pre-NELP”) Exploration Blocks PSCs signed by the GoI (the “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.