Set to replace the existing policy from 2018, the new policy is expected to provide better financial incentives for projects to be commercially viable.
While an expert committee had provided its recommendations on the updated policy, it could not be adopted earlier. "Other issues were being studied. This is expected to be taken up for consideration (to be notified) in the early part of next year," an official said.
In October 2018, the government issued a policy framework to promote ER and IR methods for oil and gas and provide fiscal incentives for operators to adopt them alongside unconventional hydrocarbon production methods.
The policy included a provision for review after five years, which began in June 2023 with the constitution of an expert committee by the Ministry of Petroleum and Natural Gas.
While the committee completed its task within two months and submitted the draft Modified ER Policy, 2023, with its recommendations, it has not yet been adopted.
This story is from the December 27, 2024 edition of Business Standard.
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This story is from the December 27, 2024 edition of Business Standard.
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