Cleared by Aiyar on November 2nd, the proposal has been pending with the oil ministry since June 20, 2003 when Essar Oil transferred its operatorship and 59% out of its 75% stake in the block in favor of UK-based Premier Oil.
The new revised holding pattern in CR-ON-90/1 is Premier with 84% and Essar with 16%. The DGH and law ministry have already vetted and approved the new order.
The original owner of this block was a consortium of HOEC, Essar Oil and Tullow Oil. Under a complicated system adopted to change the holding pattern, HOEC transferred its 20% participating interest to Essar, increasing its stake to 75%. Tullow also exited the block and sold its 25% interest to Premier Oil.
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