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Government reverts back to old system of awarding oil and gas blocks

Updated : February 19, 2019 10:16 PM IST

The new system of awarding blocks in not so prolific areas will replace a two-year-old method of awarding them to companies offering the highest revenue share to the government.
The Cabinet approved awarding of exploration blocks in Category-I basins, where commercial production of hydrocarbon has already been established, on the basis of a mix of work commitment and revenue share in the ratio of 70:30, Finance Minister Arun Jaitley told reporters here.
Government reverts back to old system of awarding oil and gas blocks

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