【New Delhi】To make the country's hydrocarbon sector more investor-friendly, the petroleum & natural gas ministry is working on a proposal to remove bottlenecks in the way of existing production-sharing contracts. The ministry will also look at sharing of revenue for future oil & gas contracts and seek certain changes in the pacts for faster resolution of legal disputes.
Given that the previous nine rounds of the New Exploration Licensing Policy (Nelp) auction over the last 15 years fared far from creditably in raising India’s hydrocarbon output, the next round would rather wait until the problems that plagued the earlier editions are fixed.
The exact nature of changes is being discussed, but petroleum ministry officials say Minister Dharmendra Pradhan's primary emphasis is on removing the hurdles to starting of commercial production from existing blocks.
At present, of the 165 discoveries under the Nelp regime, only Reliance Industries' KG-D6 field and a small field of Niko Resources are under production. Nelp has been in existence since 1997-98.
○Kuwait, Abu Dhabi may store crude in Indian caverns
【New Delhi】Oil-rich Kuwait and Abu Dhabi are in talks with India to store about 2 million tonne of crude oil in Indian caverns, which the country could use during emergencies such as supply constraint due to geo-political turmoil in producing countries.
Kuwait Petroleum Corporation (KPC) and Abu Dhabi National Oil Company (ADNOC) have confirmed that they are willing to fill crude in two compartments of caverns at Visakhapatnam and Mangalore, government officials and industry executives said.
【News source】
Govt may tweak oil & gas production contracts
No fresh NELP round till change in contract terms
Kuwait, Abu Dhabi may store 2 million tonne crude oil in Indian caverns
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