A high level delegation led by Minister of State (I/C) for Petroleum and Natural Gas, Shri Dharmendra Pradhan had organized a promotion event for India’s new Hydrocarbon Exploration and Licensing Policy (HELP) at CERA Week 2017 in Houston, World’s energy capital on 6thMarch 2017.
The aim was to encourage active global participation in upcoming investment opportunities in India which has one of the world’s fast growing oil and gas industry. The promotion event was participated by global energy leaders, government dignitaries, policy makers, innovators and industry professionals. During the event, Shri Pradhan spoke about the transformative and proactive policy reforms undertaken by the Government like Make in India, Digital India, Ease of Doing Business, Skill India, and Startup India.
The Minister emphasized that the Government has introduced several progressive reforms in the Indian Upstream sector, driven by the Prime Minister’s goal of reducing import dependency on oil and gas by 10% by 2022. At present, India is the third largest oil consumer in the world thus, placing an enormous focus on its energy security. The most important reform is the Hydrocarbon Exploration & Licensing Policy (HELP) that opens up India’ entire sedimentary basin for investment from domestic and foreign players under a simplified, transparent and investor -friendly fiscal and administrative regime. The new policy aims to provide Investors a ready access to huge amount of seismic data available in National Data Repository (NDR), flexibility to carve out exploration acreages through an open acreage licensing process and increased operational autonomy through a new revenue sharing model. The National Data Repository (NDR) manifested through an open acreage licensing (OAL) process will be a key facilitator by providing seamless access to India’s entire E&P data process through a digital medium to all investors with the objective of harnessing the potential of India’s large basinal area.
The key features of HELP are:
1.Single, uniform license for extraction and exploration for all types of hydrocarbon prospects
This story is from the April 2017 edition of Business Sphere.
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This story is from the April 2017 edition of Business Sphere.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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