The Centre has agreed to pay Rs 6,320 crore to the Assam government as crude oil royalty as part of an out-of-court settlement after eight years of protracted legal battle. The amount will be paid by the Central government to the Assam government over a period of three financial years commencing 2016-17. While in 2016-17, the central government will pay Rs 948 crore, in 2017-18 it will pay Rs 2,844 crore and in 2018-19 it will shell out Rs 2,528 crore. This is in addition to the Rs 1,450 crore already received. Oil India Limited produces 3.2 million tonnes crude oil in Assam annually, while Oil and Natural Gas Corporation Limited produces 1.1 million tonnes crude oil every year in the state. OIL and ONGC have been paying royalty to the Central and state governments in terms of statutory provisions.
FlashNews:
India’s Rajya Sabha Passes Bills of Lading, 2025: A Landmark Maritime Reform
Rail Car Inspections Begin on Vaitarna-Kharbo Stretch; Western DFC Nears Completion
DEL Vibes: Immersive Cultural Showcase Launched at Delhi International Airport
CS TECH Ai Named PMC for ₹58.1 Million Sewage Revamp in Nashik
India’s ₹35 Trillion Energy Push Hinges on States, Says Puri at Urja Varta
Lending Versatility to Modern Infrastructure with Coated Steel
India Post to Grow Revenue by 30% in FY26 under Scindia’s Vision for Performance-Driven Public Service
Solar Now Far Cheaper Than Conventional Energy as Tariffs Fall: Joshi
India Surpasses Clean Energy Goal with 50% of Grid Now Powered by Non-Fossil Sources
Mumbai-Ahmedabad Bullet Train to Launch with Japan’s Next-Gen Shinkansen Technology
From Trade to Tourism, Sonowal Envisions a New Global Role for BIMSTEC
Railways to Begin Massive CCTV Rollout Across Trains to Boost Onboard Security
Ceinsys Tech Wins ₹1.15 Billion MMRDA Contract for Real-Time Infrastructure Monitoring Platform
Siemens Secures ₹7.73 Billion Contract for Nagpur Metro’s Advanced Signalling and Telecom Systems
DFCCIL Launches India’s First Private Gati Shakti Cargo Terminal on Western Freight Corridor
India Clears Elon Musk’s Starlink for Satellite Internet Rollout
GAIL, OIL Extend 15-Year Gas Supply Pact for Rajasthan Fields
Invest in IREDA Bonds to Support India’s Green Energy Transition and Save Tax
India Invites Feedback on Oil & Gas Reforms Ahead of Landmark OALP Round X: Hardeep Singh Puri
Home » Centre agrees to pay Rs.6,320 crore as oil royalty to Assam
Centre agrees to pay Rs.6,320 crore as oil royalty to Assam
Oil & Gas
March 1, 2017March 1, 2017

Leave a Reply
You must be logged in to post a comment.