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Home >industry >energy >Oil ministry revives debate on hydrocarbon incentives
Petroleum minister Dharmendra Pradhan indicated that his ministry was willing to explore the middle ground between two contentious options: the existing cost-recovery model and the alternative revenue-sharing model. Photo: Ramesh Pathania/Mint<br /><br />
Petroleum minister Dharmendra Pradhan indicated that his ministry was willing to explore the middle ground between two contentious options: the existing cost-recovery model and the alternative revenue-sharing model. Photo: Ramesh Pathania/Mint
Oil ministry revives debate on hydrocarbon incentives
4 min read . 29 Sep 2014
Utpal Bhaskar
Dharmendra Pradhan signals govt's desire to debate the incentive regime governing hydrocarbon exploration
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Petroleum ministerDharmendra Pradhanoil ministryhydrocarbonincentives
New Delhi: Petroleum and natural gas minister Dharmendra Pradhan has signalled the government’s desire to debate the incentive regime governing hydrocarbon exploration.
“When we make policies in India, we go the two extreme points. It can be the both (models). Both models can throw up some agreeable points. We will have to find a way," Pradhan said while delivering the keynote address at Mint’s Energy Conclave in New Delhi on Friday.
Pradhan indicated that the oil ministry was actively considering the issue and was willing to explore the middle ground between two contentious options: the existing cost-recovery model and the alternative revenue-sharing model. The production-sharing contract framework for the oil and gas sector currently allows for cost recovery by oil and gas explorers before they pay the government a share of revenue. There has been a debate on whether to retain the existing production-sharing agreement or shift to a new revenue-sharing one, with support emerging for both proposals. Explorers want the existing contract to continue.
“Whenever we go for any policy, we can’t take extreme viewpoints. What is good today may become bad tomorrow and may again become good thereafter. We will have to create faith and bring clarity and showcase our long-term vision as a map to the country," Pradhan said. “We want clean energy, reliable energy and affordable energy.