Cairn Oil & Gas gets PSC extension for Rajasthan block

Cairn Oil & Gas, a unit of Vedanta Limited, has gained a 10-year extension to the production sharing contract for its onshore Rajasthan block. Earlier, the company had announced that it had secured approval from the Minis­try of Petroleum and Natural Gas and signed an agreement for the extension of Block RJ-ON-90/1, applicable from May 2020 up to May 2030. The acreage comprises the Mangala, Bhagyam and Aishwariya fiel­ds. The fields are India’s largest producing onshore oil assets. The block has produced more than 700 million barrels of oil equivalent and contri­buted over $22 billion to the exchequer. Oil and gas production from the block is estimated to be more than 150,000 barrels of oil equivalent per day.