GOVERNMENT OF INDIA

MINISTRY OF PETROLEUM AND NATURAL GAS

LOK SABHA

UNSTARRED QUESTION NO: 3589

ANSWERED ON:26.04.2012

REFORMS IN NEW GAS POLICY

MURLI MANOHAR JOSHI 

(a)whether the production as well as the prices of gas will increase due to reforms in the new gas policy by the Government;

(b)if so, the details thereof;

(c)whether the gas and crude oil producing companies in the country are presently in a position to earn huge profits;

(d)if so, the percentage increase in their average annual profit during the last five years; and

(e)the further increase in profits estimated in this regard in terms of percentage under the new policy?

Will the Minister of PETROLEUM AND NATURAL GASbe pleased to state:- 

ANSWER

MINISTER OF STATE IN THE MINISTRY OF PETROLEUM & NATURAL GAS

(SHRI R.P.N. SINGH)

 (a):No, Madam. (b):Does not arise in view of (a) above. (c) and (d):Under Production Sharing Contract (PSC) regime, Profit Petroleum (PP) is shared between Government and Contractor based on relevant PSC provisions. During the last five years 2006-07 to 2010-11 the Profit Petroleum received by the Government and the Contractor (s) under the PSC regime is as under: In US $ Million)