NEW DELHI: Petroleum Minister Dharmendra Pradhan said that the Government in February, 2019 has approved major reforms in exploration and licensing policy to enhance exploration activities, attract domestic and foreign investment in unexplored/unallocated areas of sedimentary basins and accelerate domestic production of oil and gas from existing fields.
The Minister in a written reply to Lok Sabha said, “The policy reforms, inter alia, aims to boost exploration activities with greater weightage to work programme, simplified fiscal and contractual terms, bidding of exploration blocks under Category II and III sedimentary basins without any production or revenue sharing to Government.”
“Early monetization of discoveries by extending fiscal incentives, incentivizing gas production including marketing and pricing freedom, induction of latest technology and capital are other decisions taken to enhance energy sector,” added the Minister.
Other reforms include more functional freedom to National Oil Companies for collaboration and private sector participation for production enhancement methods in nomination fields, streamlining approval processes and promoting ease of doing business including electronic single window mechanis.
He also said that so far, Petroleum and Natural Gas Regulatory Board (PNGRB) has authorised 228 Geographical Areas (GAs) for development of CGD network across country till 10th CGD Bidding Round. A total of 298 districts have been covered under 9th and 10th CGD Bidding Round for supply of PNG and CNG.
(AGENCIES)
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