Essar Oil demands PSC signing date for Ratna

Vol 6, PW 4 (24 Apr 02) News in Brief

Worried Essar Oil has written to the oil ministry asking it to speed up things on Ratna.

It's been exactly a year since Essar Oil, Premier Oil of the UK and ONGC initialled a PSC for the field on 9th April 2001 but there's still no formal date for a PSC. "All the issues delaying the PSC execution have been put to rest for some time now," S.

R Agrawal, Executive Director, Essar Oil, writes to oil minister Ram Naik. "We thus urge you to intervene decisively and urgently to facilitate the execution of the PSC for this field." Essar has 50% stake in Ratna with Premier Oil (10%) and ONGC (40%).

Agrawal adds: "Such an inordinate delay in starting off a development field project that would add over 20,000 b/d production cannot be explained away." Essar was awarded Ratna in March 1996.