Premier, Essar and ONGC initial PSC for Ratna

Vol 5, PW 4 (11 Apr 01) News in Brief

At last an end in sight to the Ratna and R Series saga! Petrowatch learns that Essar Oil, Premier Oil and ONGC have begun the process of 'initialling' the PSC for the Ratna and R Series of oilfields, which were awarded to the consortium four years ago.

An oil ministry source tells Petrowatch that the initialling process began on Monday 9th April and is likely to continue for a day or two as all three sides examine the fine-print of the contract before putting their thumb-prints to each page. Then the contract goes to the law ministry and the finance cell of the oil ministry for approval before a date is fixed for the final ceremony.

When that will be is anybody's guess!