Govt waives customs duty for ONGC, Oil India

GN Bureau | January 11, 2016


#ONGC   #Oil India   #PSU  

The government has exempted customs duty on goods imported for producing oil and gas from 69 oil fields of ONGC and Oil India.

This aims at boosting domestic production of oil and gas. “Nil customs duty will apply to goods imported in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP),” a revenue department notification said.

The government is planning to auction 69 small and marginal fields of ONGC and Oil India which have 89 million tonnes of oil and gas reserves in them.

These fields could not be monetised over the years due to reasons such as high cost and constraints on technology. Under the new policy, exploration companies will be able to submit bids for exploiting these oil fields. These oil fields have not been developed earlier as they were considered as marginal fields, and hence were of lower priority.

With appropriate changes in policy, it is expected that these fields can be brought into production. The earlier contracts were based on the concept of profit sharing. Under the profit sharing methodology, it became necessary for the government to scrutinize cost details of private participants and this led to many delays and disputes.

Comments

 

Other News

Hydro engineering college to come up in Himachal

 Prime Minister Narendra Modi has laid the foundation stone of hydro engineering college at Bilaspur in Himachal Pradesh. The college, being set up by National Thermal Power Corporation (NTPC) and NHPC, will provide B Tech courses in mechanical, electrical, civil and computer science discipl

BHEL commissions 3MW solar plant in Dadra & Nagar Haveli

 Bharat Heavy Electricals Limited has commissioned a three Mega Watt solar photo voltaic power plant in Dadra and Nagar Haveli.  BHEL executed this project on a turnkey basis for Dadra and Nagar Haveli power distribution corporation limited at Velugam.   It

Back to the drawing board: Kejriwal

Time to go back to the drawing board, said Delhi chief minister and Aam Aadmi Party leader Arvind Kejriwal on Saturday, days after his party failed to make its mark in the Delhi civic elections.   In a message, Kejriwal said that in the last 2 days, I spoke to many vo

Grasp the nettle by taxing rich farmers

  The tax net needs to be expanded and the rich farmers must pay up their taxes. This week saw quite a bit of going back and forth over this prickly issue after Niti Aayog member Bibek Debroy batted for taxing agricultural income.   Niti Aayog vice chairman A

Attention to NTDs, dream of an equal, accessible internet and the struggles of CIC

  A giant yellow inflatable schistosomiasis worm, with ‘Making Schistory’ printed on it, floated on Lake Geneva, marking the five years since the London Declaration on neglected tropical diseases (NTDs). Though in 2015 about 1.59 billion people received treatment for at least

BBNL, BSNL to provide broadband connectivity to 1.3 lakh rural post offices

In order to provide broadband connectivity of BharatNet to post offices in rural areas, Bharat Broadband Network Limited (BBNL), department of posts and Bharat Sanchar Nigam Limited (BSNL) have signed a tripartite agreement.   The agreement is the first tri-partite MoU which



Video

शहीदों के लिए आगे आये आईएएस अफसर

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter