The budget for the year 2013-14 has announced various policies regarding the oil and gas industry. As per the budget, the oil and gas exploration policy will be reviewed to move from profit sharing to revenue sharing contracts.
Mangalore/India – The natural gas pricing policy will be reviewed and uncertainties regarding pricing will be removed. NELP blocks that were awarded but are stalled will be cleared. Sharing his view, Vice President of Frost & Sullivan, Raghavendra Rao said, “While one can understand the populist moves this year, what impresses are the mentionable allocations and intent towards the much needed areas of roads, ports, Industrial corridors, waterways, oil and gas, power projects, etc.”