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Indian Oil Minister Pradhan told Indian media reporters who interviewed him on Wednesday after attending a cabinet meeting that India's largest oil and gas producing company (ONGC) and India's largest oil refiner Oil India Ltd (Oil India Ltd).
In future, mining royalties and local taxes
will be paid only to the equity range of oil and gas blocks acquired before 1999.
Pradhan said that under earlier production-sharing contracts, the companies had to pay 100 percent of the mine royalties and local taxes from these blocks, making investment in the production growth of these blocks a huge hindrance
.
Pradhan said Wednesday's cabinet meeting also extended time for oil and gas companies to develop oil and gas blocks in northeast India
.
Production from these blocks will henceforth be linked to
the market price of natural gas, he said.
Pradhan said the Indian government has also decided to grant tax exemptions
on capital expenditures for oil and gas blocks acquired before 1999.
The Government of India launched the country's first round of tenders
for the sale of oil and gas blocks in 1999.
Pradhan also said the incentives will help the two state-owned enterprises invest in increasing oil and gas production
.
Indian Oil Minister Pradhan told Indian media reporters who interviewed him on Wednesday after attending a cabinet meeting that India's largest oil and gas producing company (ONGC) and India's largest oil refiner Oil India Ltd (Oil India Ltd).
In future, mining royalties and local taxes
will be paid only to the equity range of oil and gas blocks acquired before 1999.
Pradhan said that under earlier production-sharing contracts, the companies had to pay 100 percent of the mine royalties and local taxes from these blocks, making investment in the production growth of these blocks a huge hindrance
.
Pradhan said Wednesday's cabinet meeting also extended time for oil and gas companies to develop oil and gas blocks in northeast India
.
Production from these blocks will henceforth be linked to
the market price of natural gas, he said.
Pradhan said the Indian government has also decided to grant tax exemptions
on capital expenditures for oil and gas blocks acquired before 1999.
The Government of India launched the country's first round of tenders
for the sale of oil and gas blocks in 1999.
Pradhan also said the incentives will help the two state-owned enterprises invest in increasing oil and gas production
.
