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    Supreme Court seeks response from Centre, ONGC on Vedanta's appeal relating to Barmer oil field

    Supreme Court seeks response from Centre, ONGC on Vedanta's appeal relating to Barmer oil field

    Supreme Court seeks response from Centre, ONGC on Vedanta's appeal relating to Barmer oil field
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    By CNBCTV18.com  IST (Updated)

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    A bench comprising of Chief Justice N V Ramana and Justice Krishna Murari issued the notice on Friday after hearing brief submissions from senior advocate Harish Salve. ONGC and the Centre's solicitor general, Tushar Mehta requested four weeks' time for responses.

    On Friday, the Supreme Court sought the Centre's response to Vedanta Ltd's appeal against a Delhi High Court verdict relating to Vedanta and Oil and Natural Gas Corporation's (ONGC) production sharing contract (PSC) for the Barmer field in Rajasthan.
    A bench comprising of Chief Justice N V Ramana and Justice Krishna Murari issued the notice on Friday after hearing brief submissions from senior advocate Harish Salve. ONGC and the Centre's solicitor general, Tushar Mehta requested four weeks' time for responses.
    Vedanta had filed an appeal with the Supreme Court, on March 26, against an order by a division bench of the Delhi High Court extending the PSC between Vedanta and ONGC to 2030.
    Earlier, a single judge bench had directed the Centre to extend its PSC with Vedanta Ltd and ONGC to produce oil from the Barmer oil field until 2030. The Centre had appealed the judgement before a division bench of the high court. The Centre's appeal was allowed by the division bench of the high court.
    In response, Vedanta filed a petition with the Supreme Court. Vedanta's contract, due to expire in 2020, had been extended for another ten years by a single judge. These terms and agreements were the same as when the first agreement was signed in 1995.
    Vedanta had requested the extension of the PSC from the government in 2009, but received no response. The company claimed the delay in a government decision prevented it from investing more than Rs 30,000 crore in the project.
    According to Vedanta's claim before a single judge, 1.2 billion barrels of oil equivalent are estimated to be recoverable from the block. A total of 466 million barrels are expected to be recovered beyond the current PSC period until 2030.The company also claimed to produce natural gas from the block and supply it to government companies.
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