DGH demands USD 35M plus interest from Vedanta Oil and Gas on 4 OALP blocks
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Vedanta Oil and Gas has received demand letters from the Directorate General of Hydrocarbons (DGH), Government of India, seeking liquidated damages plus interest on 4 blocks awarded under OALP bidding rounds, after DGH declined to grant further extensions. The aggregate claim is about USD 35 million plus interest. The company says it has valid grounds and is pursuing legal remedies, and has asked DGH to refer the matter to the Committee for External Eminent Experts for conciliation or mediation. Financial impact will be assessed based on the outcome.
Claim of about USD 35 million plus interest; company contests it and has requested mediation. Outcome pending, so financial impact is uncertain.