Under a Cabinet approved extension policy, Vedanta had to shell out an extra 10 per cent as government’s share of “profit petroleum” during the extended term of the PSC between 2020 and 2030. Pradhan said the government would stand by its extension policy. Vedanta through Cairn holds 30 per cent in RJ-ON-90/1 block.
Since the order was passed by a single-judge bench, the government could file an appeal before a larger bench of the High Court or go to the Supreme Court.
The current PSC is due to expire on May 14, 2020. The Barmer block was among the 10 that were granted an extension under the new policy last year.