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Open Acreage Licensing Policy (OALP) (a part of the government’s…
Open Acreage Licensing Policy (OALP)
a part of the government’s
Hydrocarbon Exploration and Licensing Policy (HELP)
gives exploration companies the option to select the exploration blocks on their own
company then submits an application to the government, which puts that block up for bid
new policy will open up 2.8 million square kilometres of sedimentary basins for exploration and eventual production
investment from domestic and foreign players
Custom duty exemption
Zero royalty rates for deep water & ultra-deep water blocks for first 7 years
Single, uniform license for extraction and exploration for all types of hydrocarbon prospects
adopted by Government in 2016
all new licenses
has launched the National Data Repository (NDR)
provide Investors a ready access to huge amount of seismic data available in National Data Repository (NDR)
carve out exploration acreages through an open acreage licensing process
extent of area in acres
easy to administer revenue sharing model
Marketing and pricing freedom for crude oil and natural gas production
will include shale gas, gas hydrates etc.
earlier New Exploration Licensing Policy
Now change in fiscal model
earlier
profit sharing model
:green_cross: revenue to the Government will go after recovering the costs
now
revenue sharing model
:check: Revenue will go during production