OIL & GAS

Cairn stuck with temporary operational extension for its Barmer oil & gas block

Country’s most prolific Barmer oilfield operated by billionaire Anil Agarwal-led Cairn Oil and Gas has been reduced to operate on temporary permission from the government which has denied full 10-year extension to the company’s production sharing contract claiming higher share of profit petroleum.

After prolonged delays, the government had in October 2018 agreed to extend by 10 years the contract for Barmer fields after the expiry of the initial 25-year contract period on May 14, 2020.

This extension, however, was conditional upon the company agreeing to increase the share of government’s profit (profit petroleum) from the oil

Source
ET Energy World
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