How India’s policies on oil and ‘new oil’ differ

The new policy is a break from the two-and-a-half decade-old practice of having a uniform contractual regime for all sedimentary basins in the country. In a major overhaul, the Union cabinet recently approved a decision to not charge any share of profit on hydrocarbons produced from less explored oil and gas basins, in a bid to attract private and foreign investment.

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