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Policy for the Grant of Extension to the Production Sharing Contracts signed by Government awarding small, medium sized and discovered fields to private Joint Ventures

News and Press Release - Dated:- 10-3-2016 - The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a policy for grant of extension to the Production Sharing Contracts for small and medium sized disc .....

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many of these fields the recoverable reserves are not likely to be produced within the remaining duration of contract period of these PSCs. Further, in certain fields where additional recovery of hydrocarbons can be obtained only through capital int .....

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small and medium sized fields, than the share as calculated using the normal PSC provisions in any year during the extended period and hence will vary from year to year based on Investment Multiple (IM) /Post Tax Rate of Return (PTRR). During the ext .....

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revenue of ₹ 2890 Crores on account of additional royalty and cess as compared to present concessional regime in these blocks. Besides these fiscal terms and conditions, the policy brings out detailed guidelines regarding pre-requisites for gr .....

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esent term of PSC. The reserves which are likely to get monetized during the extended period are of the order of 15.7 MMT of oil and 20.6 MMT of Oil Equivalent of gas. The reserves associated with this field would lead to monetization of reserves wor .....

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fields and would generate both direct (related to field operations) and indirect employment (related to service industry associated with these fields). The extension of contracts would also envisage that the present employment levels in these fields .....

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