Vedanta in court after government denies Cambay Basin extension
Vedanta is in court after the government turned down its request to keep running an oil block in Gujarat's Cambay Basin for 10 more years.
The company says the rejection didn't follow the government's 2017 Extension Policy and instead used unstated criteria and revenue-maximisation considerations.
Now, Vedanta wants fair reconsideration of its case, not just an automatic grant of the extension.
Vedanta cites $10B investment seeks reconsideration
Vedanta points to its $10 billion investment and nearly three decades of experience managing this oil field.
Its lawyers argue that the current policy already boosts government earnings during extensions, so suddenly changing the rules isn't fair.
They also say switching operators could actually hurt production since it brings risks and extra costs, and note that other companies have recently got similar extensions.
The next hearing is set for August 18.