Policy initiatives taken to enhance oil and gas production

The government has decided that oil PSUs may formulate policies for import of crude oil in their best commercial interest

GN Bureau | December 13, 2016


#Public sector enterprises   #oil and gas CPSEs   #Dharmendra Pradhan   #petroleum  

 The government has taken several policy initiatives as well as administrative measures to enhance production of oil and gas in the country to meet domestic demand, minister of state (I/C) for petroleum and natural gas Dharmendra Pradhan informed the Lok Sabha.

The minister said that each year, his ministry signs MoUs with the oil and gas Central Public Sector Enterprises (CPSEs). Under this agreement, the CPSEs undertake to achieve the targets set in the agreement at the beginning of the year.
 
He added that the government has taken several policy initiatives as well as administrative measures to enhance production of oil and gas in the country for meeting domestic demand. 
 
The policy initiatives include policy for relaxations, extensions and clarifications under Production Sharing Contract (PSC) regime for early monetization of hydrocarbon discoveries, policy on testing requirements, discovered small field policy and policy for marketing freedom for gas production from difficult areas.
 
The administrative steps taken by the government include setting up of National Data Repository, appraisal of unappraised area in sedimentary basin and re-assessment of hydrocarbon resources.
 
The government has decided that oil PSUs may formulate policies for import of crude oil in their best commercial interest and in accordance with the extant guidelines of the Central Vigilance Commission. Therefore, public sector Oil Marketing Companies (OMCs) procure crude oil as per crude import policy.
 

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