The government is planning to incentivise ONGC and Oil India to raise output from fields given without auction to state-run firms in previous years, Oil Minister Dharmendra Pradhan has said.
“Most of the policy changes made in recent years apply to new fields or those that would start producing in future. We are thinking of offering fiscal incentives to nomination blocks, which is where the bulk of our production lies,” petroleum and natural gas minister Dharmendra Pradhan said on Monday, after launching the second bid round of the new open acreage licensing policy. The government is auctioning 14 blocks in this round for which bids will be accepted until March 12.
In the past four years, the government has ushered in several policy reforms aimed at attracting investment in the exploration and production sector Read More