Vedanta Oil and Gas shares jump over 8% on this key development; check details

Shares of Vedanta Oil & Gas surged as much as 8.43% to ₹39.60 apiece on the NSE on Thursday, July 9, after a favourable ruling by the Delhi High Court in a long-running legal dispute involving the company.

The court upheld the enforcement of two foreign arbitral awards worth nearly $99 million in favour of Vedanta Ltd and Singapore-based Ravva Oil. The dispute relates to the Ravva oil field production-sharing contract with the Central government.

According to a report by Bar & Bench, Justice Jasmeet Singh, in an order dated July 1, dismissed the Centre's objections to enforcing the arbitral awards and directed that the bank guarantees furnished by the companies be released within eight weeks.

The dispute pertains to the enforcement of a 2004 partial award and a 2016 final award issued by an arbitral tribunal seated in Kuala Lumpur, Malaysia.

The High Court observed that the Supreme Court had already addressed the Centre's objections in its 2020 ruling, leaving no scope to revisit the same issues.

More details

The report said that the enforcement petition was filed by Vedanta and Ravva Oil under Sections 47 and 49 of the Arbitration and Conciliation Act, 1996. The Centre opposed enforcement under Section 48 of the Act.

The dispute arose from a Production Sharing Contract (PSC) executed in 1994 between the Government of India, Videocon Petroleum, ONGC, Ravva Oil and Command Petroleum, later known as Cairn Energy India. Cairn India and Vedanta amalgamated.

The contract was aimed at inviting private investment for the development of the Ravva oil field in the Krishna Godavari Basin.

About Vedanta Oil & Gas

Vedanta Oil & Gas, which operates under the Cairn brand, is one of India's largest private-sector oil and gas exploration and production companies.

The company holds interests in 44 oil and gas blocks covering more than 47,000 square kilometres across the country. According to company disclosures, its portfolio includes gross 2P (proved and probable) and 2C (contingent) resources of about 1.4 billion barrels of oil equivalent (bnboe).

Its producing assets are located across key hydrocarbon basins in Rajasthan, Andhra Pradesh, Gujarat, and Assam. The company is engaged in exploration, development, and production activities across both conventional and unconventional oil and gas resources.

The equity shares of Vedanta Oil and Gas Ltd began trading on the NSE and BSE on June 15, 2026, as part of Vedanta Ltd's demerger exercise.