Oil Secy: No plans to bar Chinese firms from oil & gas blocks auction

Siddhartha P Saikia Updated - November 23, 2017 at 10:35 PM.

Proposes 10-year tax holiday for ultra deep water exploration

The Petroleum and Natural Gas Ministry has no plans to bar Chinese companies from participating in the upcoming auction of 46 oil and gas blocks under the 10th round of NELP.

“We have no plan to ban anyone. It is for the Home Ministry to decide and they have not informed us anything on these lines,” Petroleum Secretary Vivek Rae told media persons on sidelines of Petrotech 2014.

“We want companies to find more oil and gas,” he added.

The Secretary said that to attract more explorers to bid for acreages in India, his Ministry is seeking 10 years tax holiday for ultra deep water exploration.

“We are discussing it with the Department of Revenue,” Rae added. Currently, the tax holiday is granted for seven years.

The Government is discussing tax regime for oil and gas exploration in lines with the proposed Direct Tax Code (DTC).

The Government will unveil 46 oil and gas blocks on Sunday at Petrotech 2014 that would be auctioned soon.

According to the Ministry of Petroleum & Natural Gas, the explorers would get a view of the geological reserves of the block, while the policy governing the auction would follow in a few weeks.

>siddhartha.s@thehindu.co.in

Published on January 12, 2014 07:25