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

₹5,000 crore saved from suspected financial fraud

In a significant gain for citizen protection in the digital economy, the Department of Telecommunications (DoT) has helped prevent suspected cyber fraud losses of more than ₹5,000 crore through its Financial Fraud Risk Indicator (FRI) within fifteen months of its launch on May 22, 2025. This money did

Capital acquisition proposals worth Rs 1.10 lakh crore for defence forces cleared

The Defence Acquisition Council (DAC), under the chairmanship of Raksha Mantri Rajnath Singh, on Monday accorded Acceptance of Necessity (AoN), that is, in-principle administrative approval to various acquisition proposals of the defence forces at an estimated cost of about Rs 1,10,000 crore.

How Rafi, Raj Kapoor helped pave the way for a great uranium deal

There`s a certain moment in diplomacy that`s too personal to be captured in a communiqué, too small to make the front page, but more revealing than the front page. This week, prime minister Narendra Modi reached Tashkent and, amid the pomp of state visits, managed to evoke the old Bollywood tunes

Distinguishing Fish 1 and Fish 2: The pragmatism behind India’s WTO ratification

 India became the 123rd WTO member to ratify the multilateral Agreement on Fisheries subsidies (AoFS) when it deposited the Instrument of Acceptance for Phase 1 on July 20, 2026. The ratification is restricted to disciplining Illegal, Unreported and Unregulated fishing (IUU), protection for overfished

The 7% growth problem: Why the next 7% will be harder

India has become accustomed to hearing the 7% growth number. It is now less a milestone than an expectation. Yet the paradox is becoming clearer: maintaining 7% growth may be considerably harder than achieving it once. India’s real GDP grew 7.7% in FY2025–26, following growth of 6.5% in FY202

The Constitution cannot be altered: Justice Abhay Oka

Justice Abhay Oka, who retired from the Supreme Court in May 2025, has said that the Constitution of India cannot be altered. Explaining the landmark Kesavananda Bharati judgment (1973) on the basic structure of the Constitution, he said, “This is one judgment that has saved democracy in India.&rdq

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter