Centre takes initiatives to boost oil & gas production

The Minister of State (I/C) for Petroleum & Natural Gas Dharmendra Pradhan has informed the Lok Sabha that the Ministry of Petroleum & Natural Gas has signed MoUs (Memorandums of Understanding) with Oil & Gas CPSEs (Central Public Sector Enterprises) to enhance production of oil and gas for meeting domestic demand’ Under this agreement, the CPSEs have undertaken to achieve the targets set in the agreement at the beginning of the year. The Government of India has taken several policy initiatives as well as administrative measures to enhance production of oil and gas in the country for meeting domestic demand. Among other directives, the initiatives are policies for relaxations, extensions and clarifications under Production Sharing Contract (PSC) regime for early monetisation of hydrocarbon discoveries and a Testing Requirement Policy.