Absence of global gas market for benchmarking global gas prices Petroleum and natural gas products to be included under GST Construction of network of gas pipelines to be encouraged Viability Gap Funding (VGF) should be provided for creation and development of gas pipeline network Impetus required for not only cross country pipelines but also city gas distribution Rationalization of LPG subsidy Exemptions on import of Liquefied Natural Gas
Major Initiatives Policy for Marginal Fields of ONGC and OIL New hydrocarbon discoveries to be brought into production
Policy on Testing Requirements in New Exploration Licensing Policy (NELP) Production
Sharing Contracts (PSC) Policy on Testing Requirement in with/without Drill Stem Test in NELP blocks has been approved Policy has paved the way forward for 10 discoveries in the east coast offshore areas by resolving longpending disputes associated with testing requirements
Uniform Licensing and Open Acreage Policy
Single E&P license for all forms of hydrocarbon Open acreage licensing system Easy to administer revenue-sharing model