OIL & GAS

Atmanirbhar Bharat: DGH nudges HOEC to pay or get out of PY-3 oil block

The Director General of Hydrocarbons (DGH) has asked HOEC to respect and follow the Production Sharing Contract (PSC) in PY-3 oil block. DGH has asked HOEC to pay bank guarantee for 10 per cent of its share of budget in 30 days’ time, starting September 22.

Sources say that the Petroleum Ministry wants to pursue the target of reducing oil imports by 10 percent at any cost and has therefore given instruction to DGH to implement each project diligently.

DGH, in turn, has indicated to HOEC that if it fails to comply by the PSC than under the contract it will be evicted from the oil block.

Source
ET Energy World
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