India announces new geological data survey policy

摘要

Singapore—India’s petroleum minister, M. Veerappa Moily, has approved a new policy on geological data generation that would allow companies to conduct surveys across India’s 26 sedimentary basins by paying a nominal fee to the government. Companies interested in carrying out geological surveys can now do so by paying a $10,000 project fee for two years, according to a statement issued by the petroleum ministry on Friday. The survey period can be extended by one year on payment of 60% of the project fee. The surveyor would also need to furnish a bank guarantee of $100,000 to upstream regulator Directorate General of Hydrocarbons.