ONGC Takes Control of Cambay CB-OS/2 Block After Vedanta PSC Denial

Oil and Natural Gas Corporation (ONGC) is assuming control of the CB-OS/2 Cambay basin block following the government’s refusal to extend the production sharing contract (PSC) filed by Vedanta, the block’s operator. On September 19, the Union Ministry of Petroleum and Natural Gas informed the contractor parties—Vedanta, ONGC and Tata Petrodyne—that Vedanta’s PSC extension application had not been approved. In a separate communication, ONGC was directed to take charge of all data, assets, operations and responsibilities linked to the block as the government nominee. The company confirmed the takeover in a filing to stock exchanges on Monday. ONGC clarified that this direction is a “purely interim measure by the Government of India to ensure continuity of petroleum operations in public i