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Open Acreage Licensing Policy
Recently, the government offered for bidding seven new areas for prospecting of oil and natural gas on revamped exploration terms that look to expedite cut in import dependence by raising domestic output under the fourth bid round of Open Acreage Licensing Policy (OALP).Consider the following statements regarding the OALP:
- OALP was introduced as part of the new fiscal regime in exploration sector called Hydrocarbon Exploration and Licensing Policy (HELP).
- The OALP, a critical part of the Hydrocarbon Exploration and Licensing Policy, provides uniform licences for exploration and production of all forms of hydrocarbons, enabling contractors to explore conventional as well as unconventional oil and gas resources.
- Setting up of National Data Repository is one of the milestones achieved for Open Acreage Licensing Policy.
Choose the correct answer from the codes given below:
A |
1 and 2
|
|
B |
2 and 3
|
|
C |
1, 2 and 3
|
|
D |
None of the above
|
Your Ans is
Right ans is C
Your Answer Is Correct
Your Answer Is Wrong
Explanation :
- The Hydrocarbon Exploration and Licensing Policy (HELP) replacing the erstwhile New Exploration Licensing Policy (NELP)was approved in March 2016 and the Open Acreage Licensing Programme (OALP) along with the National Data Repository (NDR) were launched in June 2017 as the key drivers to accelerate the Exploration and Production (E&P) activities in India.
- Under OALP, companies are allowed to carve out areas they want to explore oil and gas in.
- It is a step towards improving the Ease of Doing Business in the Indian Exploration and Production sector which comes with attractive fiscal terms like reduced royalty rates , marketing and pricing freedom, submission of Expression of Interests (EoIs) round the year, bid rounds commencing every six months and a single license to cover conventional and unconventional hydrocarbon resources.
Source: Civil Services Chronicle Online
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