Policy for the Grant of Extension to the Production Sharing Contracts Signed by Government Awarding Small, Medium Sized and Discovered Fields to Private Joint Ventures

摘要

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved a policy for grant of extension to the Production Sharing Contracts for small and medium sized discovered fields. This extension policy deals with 28 fields. Of these 27 fields (small and medium sized fields) were awarded as a result of two rounds of bidding during 1991 to 1993, and one (PY-3) was separately put to bidding as discovered field. For many of these fields the recoverable reserves are not likely to be produced within the remaining duration of contract period of these PSCs. Further, in certain fields where additional recovery of hydrocarbons can be obtained only through capital intensive Enhanced Oil Recovery / Improved Oil Recovery (EOR/IOR) Projects, the payback period would extend beyond the current duration of PSC.