The new policy comprises of several norms that would smoothen the process of licensing to exploration, by offering a uniform licence for all fuels such as natural gas, crude oil or shale, and by streamlining revenue and production sharing models.
At 12:50pm, Cairn India was up over 3% at Rs 141 on the Bombay Stock Exchange while state-owned exploration major ONGC trimmed gains and was trading flat at Rs 206 while Oil India was trading marginally higher at Rs 310.
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