Oil & Natural Gas Corpn (ONGC) announced the Ministry of Petroleum & Natural Gas, Government of India vide its communication dated 19 September 2025, addressing to contractor parties (M/s Vedanta, M/s Oil & Natural Gas Corporation and M/s TATA Petrodyne) of CB-OS/2 PSC Block, has conveyed that application for extension of Production Sharing Contract (PSC) filed by Contractor has not been accepted.

The CB-OS/2 Block is an offshore block in west coast of India, was awarded to the contractors, in Pre New Exploration Licensing Policy (NELP) PSC on 30.06.1998. Subsequent to commercial Discovery of Oil & Gas, PML was granted in 2002. The block consisting of Lakhsmi and Gauri fields is currently producing 3400 Barrels of oil per day and 340000 SCMD of gas.

Further, vide separate communication of even date, ONGC has been directed to take control of all data, assets, operations and responsibilities associated with the block in the capacity of Government Nominee. Accordingly, ONGC is taking over the control of the block.

The above-mentioned directions given to ONGC to continue petroleum operations is a purely interim measure taken by the Govt. of India to maintain continuity of petroleum operations in public interest and safeguard petroleum reserve until the block is awarded to other party.