Move to attract private, foreign investments to raise domestic output
In a major overhaul of oil and gas exploration permits, the government will not charge any share of profit on hydrocarbons produced from less-explored areas as it looks to attract the private and foreign investment to raise domestic output.
Breaking from the two-and-a-half decade-old practice of having a uniform contractual regime for all sedimentary basins in the country, the new policy provides for different rules for areas that already have producing fields and ones where commercial production of oil and gas is yet to be established.
