Incentives offered to companies for developing oil & gas blocks
The government will offer incentives to companies that take lead in developing oil and gas blocks of their choice leading to a government-monitored auction, according to the draft Open Acreage Licensing Policy (OALP). The Directorate General Hydrocarbon (DGH) will administer rounds of awards of blocks carved out by the DGH, for contracting in addition to the option available to investors to make applications under OALP. Investors can apply for a specific area for either reconnaissance contract that permits exploration for two years, or petroleum operations contract for 20 years, including an initial exploration phase of six years.
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