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National News

Jul 18, 2018
8:56PM

Cabinet approves Policy framework for streamlining working of PSCs for increased production of hydrocarbon resources

The Cabinet Committee on Economic Affairs has approved the policy framework for streamlining the operations of Production Sharing Contracts, PSCs for increased domestic production of hydrocarbon resources. The policy framework includes special dispensation for exploration and production activities in the North Eastern Region, NER. 

Briefing media in New Delhi, Petroleum Minister Dharmendra Pradhan said this will simplify production sharing contracts for pre-New Exploration Licensing Policy, NELP and NELP oil fields and will further expedite development of hydrocarbons in North East Region.
         
Based on recommendations in Hydrocarbon Vision 2030 for North East, Government has extended timelines exploration and appraisal  where exploration has been increased by two years and appraisal period by one year considering geographical, environmental and logistical challenges. Further, Government has also allowed marketing including pricing freedom for natural gas to be produced from 1st July, 2018 in NER. 

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