Barmer oil field: SC issues notice to Centre on Vedanta Ltd's appeal - New Delhi News

New Delhi, Aug 12 (IANS) The Supreme Court on Friday issued notice to Centre on an appeal filed by Vedanta Ltd, challenging a Delhi High Court order in connection with a production sharing contract (PSC) of Vedanta and ONGC to produce oil from the Barmer oil field in Rajasthan.

by IANS | Updated Aug 12, 2022

Barmer oil field: SC issues notice to Centre on Vedanta Ltd's appeal - New Delhi News

Senior advocate Harish Salve represented Vedanta in the top court.

After hearing Salve's submissions, a bench, headed by Chief Justice N.V. Ramana and comprising Justice Krishna Murari, said: "Issue notice."

The top court considered submissions in the matter and scheduled the appeal of Vedanta and co-appellant Cairn Energy Hydrocarbons Ltd for hearing in September.

Solicitor General Tushar Mehta, representing the Centre and the ONGC, submitted that he accepted the notice and sought four weeks' time for filing the response in the matter.

Vedanta Ltd moved the apex court challenging a division bench judgment of the Delhi High Court delivered on March 26, setting aside a single judge order, which directed the Central government to extend till 2030 its PSC with Vedanta Ltd and ONGC to produce oil from the Barmer oil field.

The single-judge bench said Vedanta was entitled to extension of its contract, which was to expire in 2020, for a further period of 10 years. The court said that the terms and agreements will be the same, when it was first entered into in 1995.

The Centre had challenged the single judge order before the division bench, which allowed its appeal. Vedanta Ltd. moved the top court against the division bench order.

Vedanta, in its plea before the single judge, had contended that estimated recoverable assets of 1.2 billion barrels of oil equivalent were in the block of which 466 million barrels are expected to be recovered beyond current PSC period until 2030.

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media

Related Articles

  • Sitharaman criticises states seeking more funds, says 'You Me' culture won't work
  • Akasa Air adds Agartala and Guwahati to its network
  • Foreign trade policy extended by six months more
  • Restore pre-Covid global air freighter services at Hyderabad: FTCCI to ministry
  • WAPCOS Ltd, under Jal Shakti Ministry, files for IPO
  • Mining policy should correlate with geopolitics: KPMG report
  • Markets warn pound slump could lead UK interest rates to triple by next year
  • Fears of Bank of England emergency interest rate hike to 'prop up' plunging pound
  • Vistara introduces a fully automated crew rostering solution
  • Rupee plunges 63 paise to close at new record low