Oil and Natural Gas Corporation (ONGC) has been instructed by the Government of India to assume control of the CB-OS/2 offshore block on the country’s west coast. The directive follows a communication from the Ministry of Petroleum & Natural Gas to the existing contractor parties, including Vedanta Ltd and TATA Petrodyne Ltd, dated September 19, 2025.
The Ministry conveyed that the application for extension of the Production Sharing Contract (PSC) filed by the contractor consortium had not been accepted. The CB-OS/2 block was originally awarded under the Pre-New Exploration Licensing Policy (NELP) on June 30, 1998, with commercial discoveries of oil and gas leading to a Petroleum Mining Lease being granted in 2002. The block, which includes the Lakshmi and Gauri fields, currently produces about 3,400 barrels of oil per day and 340,000 standard cubic metres per day (SCMD) of gas.
According to the communication, ONGC has been directed to take over all data, assets, operations, and responsibilities associated with the block in the capacity of Government Nominee. The government emphasised that this is an interim measure aimed at ensuring continuity of petroleum operations in the public interest and safeguarding reserves until the block is awarded to another party.
Shares of ONGC were trading at Rs 236.05 on Monday morning, down 0.27 percent within a day’s range of Rs 235.65-236.89. The stock has declined 20.06 percent over the past year, trading between Rs 205 and Rs 302 during the period.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
