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News Brief | November 2015

New marginal oil fields policy comes into effect

The oil ministry announced the new Marginal Fields Policy, aimed at bringing into production 69 economically unviable oil and gas fields with Rs.75,000 crore worth of reserves on the back of a slew of fiscal incentives, approved by the cabinet last month has become operational with immediate effect.

The fields with 89 million tonne reserves were earlier rejected by ONGC and OIL, who are now allowed to bid for the blocks apart from domestic and foreign private sector explorers.

The policy allows for grant of a single license for exploiting conventional and non-conventional hydrocarbons, lifts restriction on exploration activity during contract period, exemption from payment of oil cess and customs duty on machinery and equipment.

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