HINDUSTAN OIL EXPLORATION : production-linked incentive (PLI) to boost oil production in the country


HINDUSTAN OIL EXPLORATION : production-linked incentive (PLI) to boost oil production in the country
  • The oil ministry has called for a production-linked incentive (PLI) to boost oil production in the country that has been declining for years.
  • "A multi-pronged approach is required for achieving production targets such as enhancing production from already producing fields, speedy execution of field development plans in existing and new fields, ... production-linked incentives in existing acreages," the oil ministry said in a recently released report titled 'Indian Petroleum and Natural Gas Statistics'.
  • Current government policies provide incentives to companies deploying enhanced recovery techniques in maturing fields. A gas pricing policy introduced last year permits a 20% premium over the government-set price for the additional volume ONGC and Oil India may produce from their legacy fields.
  • The report stressed the need for attracting technologies and strategic partnerships to boost production.


 

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