The government from time to time has been taking several policy reforms to attract domestic and foreign investments in the oil and gas sector. The policies include, inter-alia, opening of markets to private sector for retail outlets, abolition of administered pricing mechanism, pre-NELP and NELP rounds. Discovered Small Fields Policy, Hydrocarbon Exploration Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP), marketing and pricing freedom for the gas to be produced from deep/ultra deep water /HPHT areas, marketing and pricing freedom for gas produced from CBM fields etc. are other policy reforms.
Oil Gas companies domestic and foreign undertake investment in various streams of oil and gas sector. Cumulative investments made over the year by domestic and foreign companies in exploration and production activities under Production Sharing Contract (PSC) regime uptill 2016-17 is USD 24523 million.
Company-wise details of the investment made by the Oil and Gas PSUs under Ministry of Petroleum and Natural Gas, are as under:
| Name of the Oil and Gas PSUs | Amount of investment (April 2017 – December 2017) Rs. In crore |
| Oil & Natural Gas Corporation Ltd. | 26497.76 |
| Gas Authority of India Ltd. | 2039.51 |
| Hindustan Petroleum Corporation Ltd. | 3959.44 |
| Bharat Petroleum Corporation Ltd. | 4371.58 |
| Indian Oil Corporation Ltd. | 12569.30 |
| Oil India Ltd. | 7213.78 |
| Chennai Petroleum Corporation Ltd. | 648.25 |
| Numaligarh Refinery Ltd. | 230.19 |
| Mangalore Refineries and Petrochemicals Ltd. | 594.29 |
This information was given by Minister of Petroleum and Natural Gas Shri Dharmendra Pardhan in reply to a written question in Lok Sabha today.
