We cannot sustain operations at current prices, so no spending on risky exploration till normalcy is restored,says Cairn India chief executive officer Ajay Dixit MUMBAI : Arecord drop in global crude oil prices and the countrywide lockdown have delivered a double whammy to India’s energy companies and Vedanta Ltd-promoted Cairn India is not immune to it.
The company, along with its peers, has reached out to the government seeking support for domestic production of oil and gas by waiving off the cess, royalty and profit petroleum charged by the government.
Profit petroleum is the profit generated from producing crude and natural gas from fields awarded by the government under a production sharing contract.