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New oil and gas exploration policy
March 16 , 2019
1953 days
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- Government has overhauled oil and gas exploration policy after two decades.
- Government will not charge any share of profit on hydrocarbons produced from less explored areas as it looks to attract the elusive private and foreign investment to raise domestic output.
- Irrespective of the basins, producers will get complete marketing and pricing freedom for oil and gas in future bid rounds.
- Companies are required to pay a share of revenue from oil and gas produced in Category-I sedimentary basins such as Krishna Godavari, Mumbai Offshore, Rajasthan or Assam where commercial production has already been established.
- Companies will be charged only prevalent royalty rates on oil and natural gas in the less explored Category-II and III basins.
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