The cabinet has approved fiscal incentives, including lower cess and royalty, for enhanced oil and gas recovery from ageing fields as well as new sources such as shale, hydrates and heavy oil.
The move can raise the production of oil by 120 million tonnes and gas by 52 billion cubic metres over the next 20 years, and attract big investments and cutting-edge technology into the sector.
The new policy will be benefit all fields whether they were given to state firms without competition or operated by private parties after an auction, a government statement said on Wednesday. Read more
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