Govt notifies incentives to oil PSUs in pre-NELP blocks
(WorldNews Business)

New Delhi, Aug 15 () The government has notified a new policy requiring state-owned Oil and Natural Gas Corp Ltd (ONGC) and Oil India Ltd (OIL) to pay royalty and cess tax only to the extent of their equity holding in certain pre-1999 oil and gas fields. The `Policy Framework for Streamlining the Working of Production Sharing Contracts in respect of Pre-NELP and NELP Blocks` was notified in the Gazette of India yesterday, according to the Gazette notification. Till now ONGC and OIL had to pay 100 per cent royalty and cess tax on 11 pre-New Exploration Licensing Policy...