Latest National Oil Companies News & Updates

Centre Reduces Royalty Burden on Offshore Oil Production

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New Delhi, May 12 (IANS) The Centre has reduced the royalty burden on crude oil and casing head condensate production from offshore deepwater and ultra-deepwater blocks, according to revised royalty provisions notified in the latest schedule under the oil and gas regime.Under the revised structure, royalty for deepwater areas has been fixed at 5 per cent for the first seven years from the commencement of commercial production and 10 per cent from the eighth year onwards.For ultra-deepwater block…