The operational transition of the CB-OS-02 block concluded years of regulatory dispute after the initial production-sharing contract lapsed in June 2023. With the government denying an extension in September 2025, control shifted to state hands, prompting Vedanta to halt block-related revenue recognition and post an impairment charge. Meanwhile, Invenire Petrodyne Ltd previously retained a minority 10 percent interest alongside the primary stakeholders before the takeover. Both corporate entities have cautioned that the ultimate financial and operational ramifications hinge entirely on a pending division bench court decision.
Key points
State-run ONGC has officially requested a petroleum lease to solidify its long-term manag…: State-run ONGC has officially requested a petroleum lease to solidify its long-term management of the Cambay block.
Vedanta ceased all revenue recognition from the block after its original 40 percent parti…: Vedanta ceased all revenue recognition from the block after its original 40 percent participating interest was effectively terminated.
Ongoing judicial proceedings leave the ultimate ownership status and financial consequenc…: Ongoing judicial proceedings leave the ultimate ownership status and financial consequences for both oil producers completely uncertain.
Sources checked by our analysis pipeline: 1
New Delhi: State-run Oil and Natural Gas Corporation (ONGC) has taken over operations and control of the disputed Cambay offshore block from Vedanta Oil & Gas Ltd following a Delhi High Court ruling, according to regulatory filings by the two companies.
Vedanta Oil & Gas Ltd has recognised an impairment charge of about Rs 379 crore against assets and receivables linked to the block.
The takeover of the CB-OS-02 block took effect on July 22, 2026, after the High Court's single-judge bench dismissed Vedanta's challenge to the government's decision not to extend the production-sharing contract, ONGC said in its quarterly filing.
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The block was operated by Vedanta, which held a 40 per cent participating interest; ONGC held 50 per cent, and Invenire Petrodyne Ltd had the remaining 10 per cent.
The government, through a September 19, 2025, letter, declined to extend the contract and directed the operator to hand over the block to ONGC.
Vedanta challenged the decision before the Delhi High Court on September 22, 2025.
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