|Project Details||Neduvasal field: The Neduvasal oil field reportedly has a seven-year mining lease that expires on December 31, 2019. The leased area is 10 sq. km from within which oil and gas can be extracted by the contractor. The project been awarded to Gem Laboratories Private Limited and is expected to yield 62 million metric tonnes of crude oil and gas. Gem Laboratories has revealed that it has not made up its mind on the technology to be deployed to extract the hydrocarbons. Onshore exploratory and production wells in the Cauvery delta are drilled to depths of between 1,750 m and 6,000 m. And the Neduvasal field, too, if developed will be drilled on to these depths. The project would generate 500 direct jobs and Rs 300 crore, the Union ministry of petroleum and natural gas said in a statement on Monday, and Tamil Nadu can earn `40 crore in royalty by implementing them|
Overarching DSF policy: The cumulative peak production from the 31 fields is expected to be around 15,000 barrels per day (bpd) of oil and two million metric standard cubic metres per day (mmscmd) of gas over the economic life of the asset. The estimated total revenue would be approximately Rs 46,400 crore, of which royalty collection and Government's revenue share is expected to be around Rs 5,000 crore and Rs 9,300 crore, respectively. More than 700 wells have been drilled for extraction of oil and gas in the Tamil Nadu.
HELP policy: This new Hydrocarbon Exploration and Licensing Policy (HELP) replaced the previous licensing format (NELP) which was already in place for 18 years. The New Exploration Licensing policy(NELP) had issued separate licenses to different types of hydrocarbons, whereas HELP covered all hydrocarbons such as oil, gas, coal bed methane, shale etc. An Open Acreage Licensing Policy will be implemented whereby a bidder may apply to the Government seeking exploration of any block not already covered by exploration. The contractor will have freedom for pricing and marketing of gas produced in the domestic market on arms length basis.