In view of Hydrocarbon Exploration Licensing Policy (HELP) http://www.petroleum.nic.in/docs/HELP.pdf introduced by GOI, the exercise to bring in changes in the existing Production Sharing Contract (PSC) to Revenue Sharing Contract (RSC), which abolishes the need/process of cost recovery and to evolve operationalization procedure for Open Acreage Licensing (OAL) for award of exploration blocks in underway.
The draft RSC together with OAL procedure likely to be adopted is expected to be uploaded on the DGH website on 28th August, 2016 for inviting suggestions/comments/observations etc. from the stakeholders, E&P companies and service providers.
Since the decision on the finalization of MRSC and operationalisation of OAL is to be expedited, a time window of 10 days will be available to submit the feedback on aforesaid issues.
This is an advance information for initiating of ‘Thought Process’ on the issue for comments so as to avoid any delay in the finalization of the aforesaid reports.