On Thursday, huge hydrocarbon treasures worth of s 2.33 lakh crore, have been approved by the government for exploration. Greater expansion in job creation will be seen with this step as it will cut oil and gas prices to a considerable extent.
Arun Jaitley’s this year’s budget is the actual motivating force behind this bold unlocking of oil and gas treasures. His statement regarding this matter was, “Prime Minister felt that instead of working through the time available to us till the next budget, we should get going on the proposals right away,” So the monetary allocation dedicated to this part of the country was not meant to wait but get used, and finally the much awaited decision has been taken. Oil minister Dharmendra Pradhan coined this new policy as a ‘Global Model’ when he said “I believe the world will follow us and investors will be back”. The whole motive was to raise the government earnings so that business community gets to enjoy some ease and country’s exploration and production sector gets investment devoid of red tapism. Also creation of fair marketplace with a transparent policy regime is the underlying aim.
The policy will be valid to all 28 discoveries idling at present and 10 others where reserves are being projected, irrespective of when they were announced.
