Policy proposed to bring uniformity in contractual provisions for exploration and production of all types of hydrocarbon resources, says minister at ongoing World Petroleum Congress at Moscow India has proposed to amend the existing policies for oil and gas exploration to encourage foreign investment. It plans to bring uniform licensing policy (ULP) to facilitate production of all forms of hydrocarbons — from oil to shale gas — under a single policy regime, said the Indian petroleum minister, Dharmendra Pradhan in the ongoing World Petroleum Congress at Moscow. Currently, separate contracts are awarded under different policies like New Exploration Licensing Policy (NELP) for oil and gas blocks, and Coal Bed Methane (CBM) policy for CBM blocks. Industry has been arguing that exploration becomes difficult when there is overlapping of resources in certain blocks, and there are separate contractual conditions. ULP proposes to bring uniformity in contractual provisions for exploration and production of all kinds of hydrocarbon resources. Around 70 per cent of the existing Indian basins remain largely under-explored.

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