Four oil sector related items are said to be on the Cabinet agenda, say reports, adding that ONGC is likely to be awarded Ratna and R Series oil fields.
The Union Cabinet is expected to meet on Thursday to discuss various issues related to the oil & gas sector, including the awarding of Ratna and R-series oil fields, according to media reports.
Four oil sector related items are said to be on the Cabinet agenda, say reports, adding that ONGC is likely to be awarded Ratna and R Series oil fields.
Essar Oil was initially awarded the Ratna and R Series oil fields in 1996.
ONGC had claimed to have discovered these oil fields, but Essar Oil won the rights via bidding in 1996.
The Cabinet is also likely to extend the production sharing contracts (PSCs) of 28 small fields on Thursday.
The Cabinet Committee on Economic Affairs (CCEA) will likely decide on a slew of measures aimed at giving impetus to the country’s upstream hydrocarbon sector on Thursday, reports a business daily.
Topping the CCEA agenda will be the Union Budget proposal to accord gradual marketing freedom and higher pricing power to natural gas producers from unexploited difficult areas, says the daily.
But, CCEA might also usher in single-licence system for all forms of hydrocarbons, it adds.
Once the uniform license system is introduced, drilling of all forms of hydrocarbons could be done under a single contract, according to the paper.
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