LONDON (Alliance News) - Vedanta Resources PLC said on Wednesday it has been awarded 41 exploration blocks in sedimentary basins across India at a total bid cost of USD551 million.
The contracts were awarded to Vedanta's subsidiary Vedanta Ltd, through the Indian Open Acreage Licensing Policy, organised by the Indian government.
Licenses allowing for the exploration, development and production for each block will be granted to Vedanta, with the objective of acquiring seismic data and drill exploration wells to establish resources and reserves for oil and gas.
The exploration period for all blocks is to last for six years, and the development and production period for a maximum of 20 years.
Subject to shareholder approval, the transaction is expected to be completed in the third quarter of 2018.
Shares in Vedanta Resources were up 0.1% at 839.00 pence on Wednesday.