NEW DELHI: After months of contractual wrangling, the government approved 30 companies of Cairn India and Oil & Natural Gas Corporation of India The projects will help monetize around 2.6 trillion cubic feet of gas reserves.

Petroleum Minister Dharmedra Pradhan He said that the government has approved a policy framework for mitigation, expansion and rehabilitation. A clear timeline will provide operational flexibility to help oil and gas production from multiple discoveries in contractual disputes.

“We are happy to tell you that less than three months after the approval, 30 months, a long standing issue has been resolved and we expect to extract about 3,400 about 70,000 barrels of oil trillion cubic feet (TCF) of gas.” He said at a conference on geography of India.

p Provide operational flexibility in the execution of contracts by relaxing the timelines of some discovery clauses to ensure that exploration and production activities are not hampered by overly stringent decision-making.

Production is divided into contracts (PSCs) between the government and the explorers with strict timelines for all phases of exploration. They can take action against the company if the deadline is exceeded, even by one day.

The estimated reserves discovered are about 172 100 million barrels of oil and 1.9 TCF He said that gas can be further explored.

Upon approval, the deadline for filing the statement of operations (a prerequisite for finalizing the investment plan) was extended by 3 to 6 months from the current 18 to 60 months (DoC discovery).

In addition, the deadline for submission of Discovery Investment Plans is extended by up to 6 months.

The PSC establishes a Field Development Plan (FDP) submission period for hydrocarbon discoveries in accordance with the DOC. The PSC does not provide for an extension of this period due to discovery FDPP or discovery FDPP FDPs are rejected because they cannot be monetized due to late submission.

In addition, the upstream regulator, DGH, was given the flexibility to accept the results. The operator did not notify the government in advance.

Pradhan said easing, extending and clarifying the policy framework for the development and production phases of PSCs will help in early monetization of hydrocarbons.

Most of the discovery sites are located in Cairn, Cairn, ONGC and GSPC but were stopped due to lack of time flexibility. This includes 10 discoveries in Cairn, Rajasthan Yes, but not recognized by DGH.

In addition, FDP approval for more than two dozen discoveries was denied for one reason or the other.15 were found abandoned in areas abandoned by operators.