The first successful round of bidding for exploration and production of oil and natural gas in all the offshore areas of the country was conducted in 1985, when I was petroleum secretary. As many as seven international oil companies had bid for about 10 oil blocks, but none of them found any oil or gas.
Under the production sharing contract (PSC), there is a cost- and profit-sharing arrangement between the successful exploration company and the government. The gas utilisation contract has been added in the last few years.
Full Story: GV Ramakrishna: The gas in the Reliance case - Business Standard
Under the production sharing contract (PSC), there is a cost- and profit-sharing arrangement between the successful exploration company and the government. The gas utilisation contract has been added in the last few years.
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The recent judgment of the Supreme Court on the natural gas distribution and pricing by Reliance Industries Ltd (RIL) raises several important questions.Full Story: GV Ramakrishna: The gas in the Reliance case - Business Standard
