New Delhi: The cabinet on Wednesday decided to award 31 leases for producing oil and gas from small fields to winners of last November’s auction under a liberalized revenue-sharing model.
The auction was dominated by start-ups.
An official statement after the cabinet meeting said that the fields have reserves of 40 million tonnes of oil and 22 billion cubic metres of gas which can be monetized over 15 years. The winners include Prize Petroleum Co., Bharat PetroResources Ltd, PFH Oil and Gas Pvt. Ltd, Indian Oil Corp., Sun Petrochemicals Pvt. Ltd, Adani Welspun Exploration Ltd, Megha Engineering and Infrastructures Ltd and Nippon Power Ltd.
The liberal licensing regime for small and marginal fields allowed entities without prior experience in the sector to participate in auctions in a departure from practice in order to attract capital.
The cabinet also approved a proposal to introduce a bill in Parliament to extend the jurisdiction of the Collection of Statistics Act, 2008, to Jammu and Kashmir after the state government enacted a law that is almost a replica of the central law.
Economist Pronab Sen said this will enable the central government to gather data for ASI (annual survey of industries) and WPI (wholesale price index-based inflation).
“At present, central statistics are collected on a request basis as all central government legislations do not automatically extend to J&K. This will also strengthen the hands of the state government to collect statistics using the provision of the Act," he added.
In a step that will help India harness the best of international science to meet emerging food security challenges, the cabinet approved the establishment of the Food Legumes Research Platform (FLRP) at Amlaha and Sehore in Madhya Pradesh.
The satellite hubs for research will be set up in West Bengal (for pulses) and Rajasthan (for natural resource management) by the International Centre for Agricultural Research in Dry Areas, an organization which develops climate resilient technologies including suitable food legume varieties for dry-land production systems.
Komal Gupta, Kritika Singh and Asit Ranjan Mishra contributed to this story.