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New E&P contracts-I: More details
May 17: The government has come out with what it calls a draft Reconnaissance Contract wherein an operator can conduct a Reconnaissance Work Programme for two years after which it can express an Intent to Migrate to a Petroleum Operations Contract for an Area of Interest.
8The operator will then be eligible for a Right of First Refusal
8He can also abandon his rights after the Reconnaissance Contract
8The Operator will be eligible for a Right of First Refusal
8The liquidated damages to be paid for non-performance of contract, including seismic survey commitments and E&P work programmes are clearly spelt out
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