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Vedanta Oil & Gas ends higher after Delhi HC backs $99 million arbitral award

09-Jul-26 15:57 Hrs IST

The dispute pertains to the production sharing contract (PSC) for the Ravva oil field. As per media reports, in 2014, the Centre had issued a show-cause notice seeking $99 million from the companies. Vedanta and Ravva Oil subsequently approached an arbitral tribunal for quantification, which culminated in a final award in 2016 in their favour. The arbitral award was later upheld by courts in Malaysia. The companies subsequently sought enforcement of the award in India.

Before the Delhi High Court, the Central government argued that the arbitral tribunal had rewritten the PSC by reducing the government's share of profit petroleum by $99 million. It also contended that the award was contrary to India's public policy and should not be enforced.

Vedanta Oil and Gas (VOGL) is an oil and gas exploration and production company operating under the 'Cairn' brand. The company holds interests in 44 blocks spanning more than 47,000 square kilometres of acreage across India.

For the full year basis, the company' standalone net loss widened to Rs 190.51 crore in FY26 compared with net loss of Rs 188.09 crore posted in FY25. Net sales declined 59.6% YoY to Rs 353.83 crore in FY26.

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