Cabinet nod for Extending oil Production Sharing Contracts

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A Union Cabinet panel on Wednesday approved a policy for extending the licences of oil and gas fields awarded before the 1999 New Exploration Licensing Policy (NELP) regime, on payment of an additional 10 per cent profit share. 

The Cabinet Committee on Economic Affairs approved the policy for grant of extension to the Production Sharing Contracts (PSC) signed by the government awarding pre-NELP exploration blocks, to enable and facilitate investment to extract the remaining reserves," a Petroleum Ministry release said here. 

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The policy, under which contractors will have to pay an additional 10 per cent profit during the extended period of the contract, will enable companies to extract not only the remaining reserves but also plan to extract additional reserves by implementing new technologies, the statement said. 

"In certain fields, additional recovery of hydrocarbons can be obtained through Enhanced Oil Recovery/Improved Oil Recovery (EOR/IOR) Projects and as such the production would extend beyond the current duration of PSC," it said. During the current year, the production from these oil and gas blocks, allotted in pre-NELP regime, is around 55 million barrels of oil and 965 million standard cubic metres of natural gas.

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