Oil, gas giants may get tax sop as government works on lifeline

NEW DELHI: The government is stitching together a package of measures to help domestic oilNSE 0.65 % producers pull through the price crash and the uncertainty in the global oil market as heavy losses on each barrel they pump threaten the commercial viability of projects.

“The pandemic and lockdowns (around the world) have created very challenging times for the exploration and production sector. The disruptive impact of the pandemic and developments in the global oil market will continue for some time. So, we have suggested some measures for the finance ministry’s consideration so that companies such as ONGCNSE 1.84 % and other stakeholders can stay in business,” oil minister Dharmendra Pradhan told TOI.