- Production Sharing Contracts
An agreement between Contractor and Government whereby Contractor bears all exploration
risks, production and development costs in return for its stipulated share of production
resulting from this effort. These costs are recoverable in case of commercial discovery.
Following activities are being carried out in PSC
- Review of work Programme and budget of all exploration blocks and fields under PSC’s.
- Facilitating of statutory and other clearances.
- Management Committee Meetings.
- Assignment of Participating Interest.
- Extension of phases, relinquishment of acreages, assignment, appointment of auditor,
approval of auditing account and other PSC related issues as and when arise.