NEW DELHI: Two years after the government shifted to revenue sharing contracts for oil and gas block auctions, a high-level panel has suggested reverting back to older system of awarding areas in most basins based on exploration commitment. "No revenue or production sharing other than payment of statutory levies (including royalty)" should be the criteria, it said. The move to revenue sharing was contrary to most of the industry players being against the new regime. These include Karewa basin, Spiti-Zanskar basin, Satpura–South Rewa–Damodar basin, Chhattisgarh basin, Narmada basin, Deccan Syneclise, Bhima-Kaladgi, Bastar basin, Pranhita Godavari basin and Cuddapah basin. The committee included Cabinet Secretary P K Sinha, Economic Affairs Secretary Subhash Chandra Garg, Oil Secretary M M Kutty, NITI Aayog CEO Amitabh Kant and ONGC Chairman and Managing Director Shashi Shanker.

Source: Mint February 17, 2019 12:56 UTC