New domestic Natural Gas Pricing Guidelines: As part of pricing reforms for the natural gas sector, the government approved a new pricing scheme to further align domestic prices with international market prices and to raise investment for the sector. The same was notified on 18.10.2014 with a revision cycle of every six months based on the prevailing hub prices of United States, Alberta, United Kingdom and Russia. The price determined under this policy shall be applicable to all sectors uniformly. Further, under this policy government has decided to offer a premium on the gas to be produced from Deep-water areas, Ultra deep water areas and High Pressure High Temperature (HPHT) areas.
Policy Framework for Relaxations, Extensions and clarifications at the Development and Production stage under PSC regime for early Monetisation of hydrocarbon discoveries:
Under this policy 30 long pending issues have been resolved since the commencement of the policy.
The decision taken in accordance with policy will further help in drilling appraisal wells after submission of DoC in five blocks. This will also help in probing additional reservoir extent and submission of robust field development plan in three blocks.
There were 12 blocks where clearances were not accorded in entire block area or in part of block area because of overlapping with special economic zone, reserve forest, naval exercise area, DRDO danger zone, national parks and firing range of Defence. The cases in 11 blocks have been resolved and the case in one block is under consideration.
The policy framework has also helped in taking technical decisions based in merits for swapping of 2D seismic work program with 3D seismic work program and vice-versa in five blocks.
Site Restoration Guidelines on petroleum operations: Government of India has constituted a committee for formulation of Site Restoration guidelines for petroleum operations. The committee met four times and shared their learning and experiences with respect to Field abandonment and Site Restoration. An internationally reputed consultant has been hired. The consultant has submitted draft report, which was reviewed by the committee members.
Standing Committee on Petroleum Industry Practices: Government of India has constituted Standing Committee on Petroleum Industry Practices, to identify the areas requiring codification of “Good International Petroleum Industry Practices (GIPIP)” and to prepare national codes for petroleum operations. An internationally reputed consultant has been hired. The consultant has submitted the interim reports and comments of the Standing Committee members have been offered to the consultant for suitably modifying the reports.
Uniform Licensing Policy: Government of India in considering Uniform Licensing Policy (ULP) to facilitate exploration and exploitation of both conventional and unconventional hydrocarbon resources together, in an awarded block
E&P Data Policy: E&P Data policy is for E&P data assimilation, disclosure, sharing, accessibility and dissemination through NATIONAL DATA REPOSITORY(NDR) E&P Data Policy
