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Business Economy


Govt launches OALP, NDR to boost oil and gas production

Govt launches OALP, NDR to boost oil and gas production

New Delhi, Jun 28 (UNI) In a major attempt to boost oil and gas production, the government today simultaneously launched two key interventions -- Open Acreage Licensing Process (OALP) and the National Data Repository (NDR). Launching these two new initiatives, Petroleum and Natural Gas Minister Dharmendra Pradhan also announced that for the first major oil field auctions to be held from July 1 under a new Hydrocarbon Exploration Licensing Policy (HELP). Mr Pradhan said that every year bids will get opened twice, first in July and second in January. In a mega event here, Mr Pradhan said the HELP regime will cut down delays in development of blocks and legal disputes with companies. He said the launch is a historic occasion in the history of India’s Hydrocarbon Industry, adding that 'with the experience of several litigations and not very encouraging production output from NELP rounds, the Ministry decided not to go for incremental policy change but to have a completely new policy. Hydrocarbon Exploration and Licencing Policy (HELP) is an outcome of this. 'The New India is agile; the New India is enterprising. It is keen to meet investors and eager to adopt new ideas. Our policies are industry friendly and transparent; we have created an enabling environment for industrial investments that has grown at an unparalleled speed in the last few years.' Citing that FDI in India was at the highest level in 2015-16 at a time when the global FDI had fallen, Mr Pradhan emphasised on Government’s efforts to improve ‘Ease of Doing Business’. He said that the recent introduction of the Goods and Services Tax, or the GST, from the 1st of July will be a path breaking step towards good time in Indian business and economic development. HELP, also, will make an equally significant impact. He further said, “Exploration and production sector has remained a main focus area for the Government, more so after Prime Minister Narendra Modi set a target to reduce import dependence by 10 per cent by 2022. Mr Pradhan said that out of 42 Cabinet decisions taken during the last 3 years in O&G sector, 22 are on E&P sector. They range from gas price reform; to 9-points PSC reform; to streamlining CBM sector; to extension of Pre-NELP blocks; to holding DSF rounds. More UNI ADP RSA SHK 1924

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