Saturday, March 19, 2016

India - Oil and Gas - Government lends HELP (Hydrocarbon Exploration Licensing Policy) to revive oil sector - Our Viewpoint: Now is the best time for companies in India to use the inland and overseas Indian professionals for sustainable development in this sector

Our Viewpoint: Expansion of hydrocarbon industry is always a Help for the service providers and talent force at the present time of downward trend of oil & gas industrial situation outside India. Our country has supplied a huge talent pool to the international and national oil companies in the overseas. The present job market is not in a promising position. Now is the best time for companies in India to use the inland and overseas Indian professionals for sustainable development in this sector. Corrosion is one of the major challenges encountered in deepwater projects. The present policies on corrosion control and integrity management have to be modified to a great extent to meet the future demands.  It is essential to calculate corrosion footprint and incorporate the best practices for corrosion control and asset integrity in the design stage itself.
Faced with an investment challenge in the upstream oil and gas production sector, the Union Cabinet on Thursday announced major reforms to woo foreign investors and boost the performance of the sector.

The Cabinet Committee on Economic Affairs (CCEA) approved a much-awaited policy, granting pricing and marketing freedom to companies exploiting hydrocarbon reserves in difficult geological areas. The aim is to ramp up domestic output to cut energy imports. It approved a new Hydrocarbon Exploration Licensing Policy (HELP) that will replace the existing New Exploration Licensing Policy (NELP) regime with more investor-friendly provisions of revenue sharing and open acreage licensing.

Pricing freedom will benefit exploitation of 28 discoveries with 2.6 trillion cubic feet of hydrocarbon reserves located in deep water, ultra deep water and high pressure-high temperature areas, benefiting two of the country's largest upstream companies - Oil and Natural Gas Corporation (ONGC) and Reliance Industries Ltd (RIL).

The policy allowing premium pricing for such areas would cover all the fields where production was yet to start as on January 1, 2016. Besides, it will also benefit an additional 10 discoveries which have been notified and whose potential is yet to be established, said Dharmendra Pradhan, petroleum minister.
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Publication Date: 11 March 2016

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