The Directorate General of Hydrocarbons (DGH) has recommended a raft of policy measures to incentivise production under existing contracts.
These include pricing freedom for gas produced in the North-East, license to explore through the field’s life, extended contract to compensate for time lost in obtaining clearances, income-tax sops for some fields, and permitting partners to replace ONGC as licensee in fields where development is stuck as the state firm alone has to pay cess and royalty on total output.
In a draft report titled ‘Policy issues for streamlining the working of production sharing contracts’, DGH, the technical arm of the oil ministry, has proposed policy prescription on 11 long-standing issues related to the contracts under the New Exploration Policy (NELP) and pre-NELP regimes. Read More…
Credit By : ET Energy World
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