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Economy

Cabinet tweaks pre-NELP oil blocks, reduces ONGC burden of levies

Updated : July 18, 2018 07:54 PM IST

The Cabinet Committee on Economic Affairs (CCEA) also extended the special dispensation of marketing and pricing freedom to natural gas produced from areas in the North Eastern region.
The government, had awarded some discovered oil and gas fields to private firms in the 1990s with a view to attracting investments in the country.
To incentivise such investments, the liability of payment of statutory levies like royalty and cess was put on state-owned firms, who were made licensees of the blocks.
Cabinet tweaks pre-NELP oil blocks, reduces ONGC burden of levies
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