Old oil blocks to get tax sops even if ouput delayed


Old oil blocks to get tax sops even if ouput delayed

Hydrocarbon exploration companies may be given more time to commercialise their finds with the government looking at a new policy to augment the country’s flagging domestic oil and gas production, official sources said on Wednesday.

They said that a proposal is being considered by the oil ministry that may allow oil companies get tax incentives like a tax holiday scheme even if there is a delay in bringing an exploration block to production.

The move will benefit companies such as state-run ONGC and private players Reliance, Cairn Oil and Gas and Nayara Energy who have participated in the auction of various oil and gas blocks by the government but are yet to commercialise several of their finds. Read More

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