Royalty on crude, gas slashed in landmark reform

Hardeep Puri announced a major rationalisation of royalty rates for crude oil, natural gas, and condensate, marking a landmark reform in upstream policy. The new structure reduces royalty to 5% for onshore and shallow water fields from 12.5–13%, and to 7.5% for deepwater areas. This is expected to boost private investment and production in India’s domestic energy sector.

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