After opening almost entire sedimentary basins in India for oil and gas exploration in 2017, India came out with far-reaching policy reforms notification in February this year. This may turn out to be a game changer in the oil and gas sector in India if implemented in its true spirit.
It makes drastic changes in the Hydrocarbon Exploration Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP) in order to attract more domestic and foreign investment in exploration of oil and gas.
Let us have a close look at some of its salient features.
First, all the 26 sedimentary basins have been classified into three categories based on the current status of exploration and production in the respective basins. Seven basins having commercial production have been put in category-I. Read More