Question

Consider the following statements related to Hydro carbon Exploration policy in India
1.Uniform license for exploration and production of all forms of hydrocarbon.
2.Revenue sharing model will be replaced by a easy to administer Production sharing model.
3.Open Acreage Policy will enable companies to choose the blocks from the designated area.

Which of the statements given above is / are correct?

• A. a) Only 1
  
• B. b) 2 and 3
  
• C. c) 1 and 3
  
• D. d) 1, 2 and 3
  

Answer 1

The correct option is C c) 1 and 3


Answer-c
Hydrocarbon Exploration and Licensing Policy (HELP).
Four main facets of this policy are:
1. Uniform license for exploration and production of all forms of hydrocarbon,
2. open acreage policy - The concept of Open Acreage Policy will enable companies choose the blocks from the designated area.
3. Revenue sharing model - Present fiscal system of production sharing model based on Investment Multiple and cost recovery /production linked payment will be replaced by a easy to administer revenue sharing model.
4.This policy also provides for marketing freedom for crude oil and natural gas produced from these blocks.