NEW DELHI: The Union Cabinet on Wednesday approved deregulation of sale of domestically produced crude oil in a bid to remove irregularities and boost revenue.
Briefing the media on the decisions take by the Cabinet, minister Anurag Thakur said that the move will ensure marketing freedom for all exploration and production (E&P) companies.
The provision will come into effect from October 1, 2022.
“All E&P companies will be free to sell crude oil from their fields to the domestic market,” Thakur said.
All condition in Production Sharing Contracts (PSC) to sell crude oil to the government or its nominee or government companies will be waived.
This will give marketing freedom to domestic crude oil producers, allowing them to sell oil to whosoever they want.
