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FICCI Statement on Cabinet nod to Policy Reform for Exploration and Exploitation of Unconventional Hydrocarbons
Aug 03, 2018
NEW DELHI, 3 August 2018: Mr. Prashant Modi, Co-Chairman, FICCI Hydrocarbons Committee complimented the Union Government for approving policy reforms for exploration and exploitation of unconventional hydrocarbons under existing Contract.
The new policy would open up exploration of all hydrocarbons in existing fields which is in line with the new Hydrocarbon Exploration and Licensing Policy (HELP). This should enhance domestic exploration and production of all hydrocarbons, thereby increasing India�s energy security and reducing our dependence on imports.
The move should facilitate induction of new, innovative and cutting-edge technology and forging new technological collaboration to exploit unconventional hydrocarbons.
However, exclusion of natural gas from the purview of GST will still act as a deterrent towards attracting large scale investments as neither the producers nor the consumers are able to set off the taxes paid on their input and output. GST regime should be extended to the hydrocarbons sector at the earliest.