International Prices Soon For Private Crude Producers

Private sector oil companies which are producing crude oil from the oilfields discovered by the Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) will soon start receiving international prices for their share of production. The government has already started informing the companies about its decision.

Under production sharing contracts (PSC) signed with the government of India, ONGC and OIL, private operators were allowed to exploit some of the oilfields discovered