Govt advised ONGC to assume control of CB-OS/2 block
The ministry communicated that they had not accepted the contractor consortium's application for the extension of the Production Sharing Contract (PSC).
New Delhi, 22 September 2025: State-run Oil and Natural Gas Corporation (ONGC) has been advised by the government to assume control of the CB-OS/2 offshore block on the country’s west coast. This comes following a directive issued by the Ministry of Petroleum and Natural Gas to the existing contractor parties, including Vedanta Ltd. and Tata Petrodyne Ltd.
The ministry communicated that they had not accepted the contractor consortium's application for the extension of the Production Sharing Contract (PSC).
The CB-OS/2 Block is an offshore block on the west coast of India that was awarded to the contractors in the pre-New Exploration Licensing Policy (NELP) PSC on 30.06.1998. Subsequent to the commercial discovery of oil & gas, PML was granted in 2002.
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Read Also : PM Modi dedicated two transmission schemes implemented by POWERGRIDThe block consisting of the Lakshmi and Gauri fields is currently producing 3400 barrels of oil per day and 340000 SCMD of gas.
According to the exchange filing, the given directions given to ONGC to continue petroleum operations is a purely interim measure taken by the Government of India to maintain continuity of petroleum operations in public interest and safeguard petroleum reserves until the block is awarded to another party. With this, the shares of ONGC are trading in a higher zone at Rs 236.90, up by 0.089% at BSE.