Cairn needs 3rd party reserve audit for licence extension

Cairn India will have to submit a third-party audit report on balance oil and gas reserves in its Rajasthan block to get a 10year extension of licence beyond 2020. Weeks after the Cabinet approved a policy for extension of licence of pre-bidding rounds of oil and gas fields, the petroleum ministry has issued a gazette notification, listing the ones that will be eligible. These, 10 blocks — six in Gujarat, two in Rajasthan, one in Assam and one extending across Assam-Mizoram-Manipur — will be eligible for a 10year extension.