Latest GK GS

Updated By: LatestGKGS Desk

Cabinet approved Policy Framework to promote & incentivise Oil & Gas recovery methods



Union Cabinet approved Policy Framework to promote and incentivise enhanced recovery methods for Oil & Gas: Details, Aim, Highlights

The Union Cabinet chaired by Prime Minister, Narendra Modi on 12th September 2018 has approved the Policy framework to promote and incentivize recovery methods for Oil & Gas.

These recovery methods includes Enhanced Recovery (ER)/ Improved Recovery (IR)/ Unconventional Hydrocarbon (UHC) production methods which will be used to improve recovery factor of existing hydrocarbons reserves for augmenting domestic production of oil and gas. 

The ER includes Enhanced Oil Recovery (EOR) and Enhanced Gas Recovery (EGR), Unconventional Hydrocarbon (UHC) production methods include Shale oil and gas production, tight oil and gas production, production from oil shale, gas hydrates and heavy oil. 

The Policy initiative calls for supporting infrastructure, logistic support, fiscal incentives and enabling environment.

The strategic objective of the Policy is to build a supportive ecosystem through academic and research institutes, and industry-academia collaboration.

The Policy will be applicable to all contractual regimes and Nomination fields. 


Latest Union Cabinet Updates

» Union Cabinet approved India & Malta MoU for strengthening cooperation in tourism

» Union Cabinet approved India & Egypt MoU cooperation in Agriculture, Allied sectors

» Cabinet approved MoU on Collaborative Research on Distributed Ledger & Block Chain

» ONGC discovered oil, gas reserves in Madhya Pradesh & West Bengal

» Digital India: Suresh Prabhu Launched Coffee KrishiTharanga services for stakeholders

» USD vs INR: Fall of INR History, Impact on Import, Inflation, Fuel Prices