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PM to monitor sweeping reforms-I: Basin-wise exploration policy to be put in place
Jun 29: The government is preparing to fast track reforms in the petroleum sector under a new policy framework that will be monitored directly by none other than the Prime Minister of India
8It is proposed that the implementation of such a policy will be supervised not just by the petroleum minister but by the Prime Minister himself under an inter-ministerial committee.
8The policy will have two time horizons: 2017-2022 and 2022-2040
8Sweeping changes are envisaged  in the petroleum sector under the new policy and these changes are likely to be put in place within a short timeframe, before the General Elections are announced, well placed sources. "We are in fact thinking of an even shorter time frame for such a roll out," well placed sources told this website.
8While HELP is being readied for the next round of oil field auctions, the plan to is go even further.
8The government wants to get private and public sector players to begin work on the 15 unexplored basins. Out of the 26 sedimentary basins, only 7 basins are producing as of now.
8In order to attract risk capital in exploration activity in the new basins, a more attractive E&P regime will be put in place.
8This will include the principle of ‘uplift’, which allows a multiple of the exploratory spend in cost recovery
8A basin-wise policy will be followed, with a differential fiscal exploratory regime for each keeping in mind the risk profile of the basin.
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