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.
 

Comments

 

Other News

BMC took nearly 48 days in resolving one complaint

The number of civic complaints with BMC has increased from 61,910 in 2015 to 92,329 in 2017, which is 49% in two years. A report titled ‘Civic Issues Registered by Citizens and Deliberations done by Municipal Councillors in Mumbai’ released by Praja Foundation has found some interesting facts a

Who is Atishi Marlena?

Atishi Marlena is among the nine AAP functionaries who were dismissed by the union home ministry asserting that their posts were created without the approval of the centre. Marlena, served as education advisor of the Aam Aadmi Party (AAP)-led government in Delhi. While she was intrumental in improving the

Leadership? Learn it from Jaising, Ambani, Doshi

The Fortune magazine has named three Indians – lawyer Indira Jaising, industrialist Mukesh Ambani and architect Balkrishna V Doshi – among the world’s greatest fifty leaders.

Energy as the new value system for redesigning daily life

Remember Kardashev scale? For the uninitiated, it’s a method of measuring a civilization’s level of technological advancement, based on the amount of energy it is able to use for communication. We will get to its unconventional relevance to the big urban questions at the end, but just keep it a

48 MLAs, MPs have declared cases of crime against women

Out of 1580 MPs and MLAs with criminal cases, 48 (three MPs and 45 MLAs) have declared cases related to crime against women. The Association for Democratic Reforms (ADR) and

A rare peek into the mind of Modi

It’s always lonely at the top. Prime minister Narendra Modi’s marathon townhall event at the Central Hall Westminster, titled ‘Bharat ki Baat, Sab ke Saath’, was nothing but his way of shedding that loneliness, communicating and mingling with people and showing his vulnerable side.

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter