ForumIAS LATEST
- 5 August | Toppers Wrote 1000 Answers Between Prelims & Mains! | Click Here to Watch →
- 5 August | Are you the Average of the 5 People Around You by Mr. Ayush Sinha | Click Here to Watch →
- 5 August | First UPSC Mains Don't Chase AIR 1 by Mr Ayush Sinha | Click Here to Watch →
Cabinet relaxes NELP, pre-NELP pact rules
News:
- The Union Cabinet recently, approved the policy framework to streamline production sharing contracts signed in the pre-New Exploration Licensing Policy (NELP) and NELP periods.
Important facts:
2. Key decisions under the framework includes:
- Increasing the exploration period granted for blocks in the northeast.
- Easing the sharing of royalties with the developers of the blocks.
- Based on recommendations in ‘Hydrocarbon Vision 2030 for North East, the government has extended timelines by two years for exploration and one year for appraisal period.
- This was done while considering geographical, environmental and logistical challenges of the north eastern region.
- The government has also allowed marketing, including pricing freedom for natural gas to be produced from discoveries which are yet to commence production.
- The government has created an enabling framework for sharing of statutory levies including royalty and cess in proportion to the participating interest of the contractor in Pre-NELP Exploration Blocks.
