Global Crude oil price of Indian Basket was US$ 45.72 per bbl on 24.05.2016
Global Crude oil price of Indian Basket was US$ 45.72 per
bbl on 24.05.2016
The international crude oil price of Indian Basket
as computed/published today by Petroleum Planning and Analysis Cell (PPAC)
under the Ministry of Petroleum and Natural Gas was US$ 45.72 per barrel (bbl)
on 24.05.2016. This was lower than the price of US$ 45.89 per bbl on previous
publishing day of 23.05.2016.
In rupee terms, the price of
Indian Basket increased to Rs. 3095.63 per bbl on 24.05.2016 as compared to Rs.
3090.40 per bbl on 23.05.2016. Rupee closed weaker at Rs
67.71 per US$ on 24.05.2016 as against Rs 67.35 per US$ on 23.05.2016. The table below gives details in this regard:
Particulars
|
Unit
|
Price on May 24, 2016
(Previous trading day i.e.
23.05.2016)
|
Pricing Fortnight for
16.05.2016
(28 Apr to 11 May, 2016)
|
Crude Oil (Indian Basket)
|
($/bbl)
|
45.72
(45.89)
|
43.00
|
3095.63
(3090.40)
|
2859.50
|
||
Exchange Rate
|
67.71
(67.35)
|
66.50
|
Daily Crude Oil Price- 25.05.2016
*****
Discovered Small Fields Bid Round-2016 launched
In a bid to
boost domestic oil and gas production, Ministry of Petroleum and Natural Gas
(MoPNG), Government of India today announced the commencement of the
‘Discovered Small Fields Bid Round-2016’ in New Delhi. Shri Dharmendra Pradhan,
Minister of State (I/C) for Petroleum and Natural Gas launched the new bidding
round. The technical information portal and e-bidding portal were also
launched.
Discovered
Small Fields are oil and gas blocks which have so far remained commercially
undeveloped, but are now in focus as the central government seeks to boost
domestic hydrocarbon production. Under the announced ‘Discovered Small Fields
Bid Round-2016’, 46 Contract Areas consisting of 67 different small fields are
being offered to investors the world over, for exploration and production. Bids
are being invited for developing and monetizing these contract areas having 625
Million Barrels of Oil and Oil Equivalent Gas (O+OEG) in-place volumes spread
over 1500 square kilometers in Onland, Shallow water and Deepwater areas.
Directorate General of Hydrocarbons (DGH), the technical arm of the Ministry,
shall anchor the entire bidding process.
Speaking on
the occasion, Shri Pradhan highlighted that India is now moving towards a new
era of hydrocarbon production, driven by a forward looking Hydrocarbon
Exploration and Licensing Policy (HELP); and a new fiscal model based on
Revenue Sharing Contract. This new phase is a move ahead from the earlier NELP;
and Production Sharing Contract regime and addresses various industry concerns
that led to slowdown in investment over the last few years.
Single license
for exploring all forms of hydrocarbons, graded system of royalty rates,
pricing and marketing freedom for crude oil and natural gas, were some of the
highlights of HELP mentioned by the Minister. He said that the Government is
following principles of Enhancing Production, Attracting Investment, Generating
Employment, Transparency, and Minimizing administrative discretion. Shri
Pradhan said that a simpler and transparent administrative and fiscal system
has been crated. Calling upon all industry stakeholders to participate in the
bid rounds and be a part of new energy revolution in India, the Minister
assured all support in endeavors.
Some of the
other prominent and industry friendly features of the bidding round are:
· Single
license to extract and exploit conventional and unconventional hydrocarbon
fields
· New fiscal
regime based on revenue sharing model
· Operational
autonomy and flexibility for unit development in case of reservoirs extending beyond
contract area or for joint development of common infrastructure
· Exemption of
Oil Cess and Custom duty
· Full freedom
for marketing and pricing for production from the awarded contract areas
· Royalty in
line with earlier New Exploration Licensing Policy (NELP)
· Technical
capability is not a pre-qualification criteria for bidding
· Exploration
allowed during entire contract period (20 years), which is mutually extendable
for up to 10 years
· No restriction
on exploration activity during the contract period
· Information
Docket to be made available at e-bidding gateway
· Physical
Data Centers with Interpretation Facility would be set up in India and various
others international locations where prospective bidders can access data
· User-friendly
e-bidding Portal and interactive video for easy navigation to be made available
to bidders.
· Discovered
fields to be offered with no upfront signature bonus
Roadshows would
be held at different parts of the country and international venues to attract
maximum interest of prospective bidders for the ‘Discovered Small Fields Bid
Round-2016’, and to encourage industry players to participate in the bid
process.
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