Cairn Oil & Gas, a unit of Vedanta Ltd., wants further extension of the production sharing contract (PSC) for its prolific Rajasthan block, Nick Walker, CEO, Cairn Oil and Gas told ET.
According to Nick Walker, CEO of Cairn Oil & Gas, a subsidiary of Vedanta Ltd., the company is looking to extend its production sharing contract (PSC) for the prolific Rajasthan block. In a recent interview with the Economic Times, Walker emphasized the firm's dedication to the Rajasthan block and its potential for additional growth and expansion.
Cairn Oil & Gas holds a prominent position in India's oil and gas sector, with its Rajasthan block standing out as a flagship project. This block is believed to have an estimated 3 billion barrels of oil equivalent, ranking it among the most substantial oil reserves in India. Cairn Oil & Gas has invested significant resources into the growth of the block and its ongoing success is a testament to the company's skills and dedication to the Indian market.
However, with the PSC set to expire in the near future, Cairn Oil & Gas is looking for a further extension to ensure that it can continue to develop and extract the vast resources contained within the Rajasthan block. Walker stated that the company is confident that it has the expertise and resources necessary to continue to develop the block and extract its resources in a responsible and sustainable manner.
To sum up, Cairn Oil & Gas is seeking to extend its production sharing contract (PSC) for the Rajasthan block, which holds immense promise for both the company and India's oil and gas sector as a whole. Cairn Oil & Gas's dedication to the block, combined with its industry knowledge and experience, positions it as a prominent figure in India's energy landscape. An extension of the PSC is a vital move towards securing the company's continued prosperity.