10 Years Extension of PSC for Ravva Oil & Gas Field

Source: www.gulfoilandgas.com 11/25/2019, Location: Asia

Marubeni Corporation (Marubeni) is pleased to announce that its wholly owned subsidiary, Ravva Oil (Singapore) Pte Ltd together with other Joint Venture partners have agreed with the Government of India to extend the Production Sharing Contract (“PSC”) for the Ravva Oil and Gas Field. The term of the PSC, which was first executed in October 1994 was due to expire in 2019, has been extended for additional 10 years and will now expire 2029.

The Ravva field is located off of the east coast of India (approximately 460km northeast of Chennai) and the oil and gas produced from the field is delivered to India’s domestic market through refineries and the gas authority firm. The 10 year extension of the PSC will enable the Joint Venture partners to execute a field development plan with additional production wells to enhance the oil and gas recovery from the field.

Through this project, Marubeni aims to improve the stable supply of and access to energy in India, and contribute to the development of local communities.


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