Tuesday November 19, 2019
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Government adopts revenue sharing model for auctioning 69 small oil and gas fields

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By NewsGram Staff-Writer

New Delhi: The Modi government has decided to replace the existing production sharing model with revenue sharing model while auctioning 69 small oil and gas fields.

NDTV
NDTV

This decision by the government is likely to benefit explorers and will help in harnessing the hydrocarbons worth Rs 75,000 crores, according to a report in the Times of India.

Since 1999, around nine rounds of auctions have been conducted in which 254 blocks have been auctioned under the production-sharing regime. In this model, the companies share their profit with the government in a graded manner. Also, the government sets the price and decides the buyers to whom the companies must sell.

In the new revenue sharing model, the bidder who offers the highest revenue to the government and shows maximum commitment to work wins the bid. The government is likely to give 80% weightage to the revenue shared and 20% weightage to work commitment. Further, no restrictions will be placed on pricing or marketing.

The new model is more beneficial than the old model as it is simple and more transparent, it minimizes the need for government monitoring, and importantly it protects government’s interest in both high and low oil-price scenarios. It also removes the disputes that arise during cost-recovery.

But, it has few limitations as well. It will not provide cover for risk capital exploration and may become useful for only the smaller blocks and not mainstream blocks due to India’s low prospectivity, according to TOI report.

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Google Announces New Prepaid Plans for YouTube Premium & Music

New Prepaid Plans Unveils for YouTube Premium and Music Premium in India

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Prepaid plans for YouTube Premium and Music Unveils
YouTube Music and YouTube Premium respectively offering premium and ad-free music streaming and content with their Prepaid plans. Pixabay

US-based search engine giant Google has announced new prepaid plans for YouTube Premium and YouTube Music Premium for users in India.

YouTube launched YouTube Premium and YouTube Music in India last March and while at the time users could only subscribe to a monthly plan.

Now, users will be able to purchase one-month or three-month prepaid plans for YouTube Premium and Music Premium in India.

“With these new plans for India, users can now purchase prepaid plans without enrolling in an ongoing subscription and enhance their viewing and listening experience with all the paid membership benefits for the period that they pay for,” the company said in a statement on Monday.

New prepaid plans announced by google
Social media apps allow users to connect and interact. Pixabay

The new YouTube Music prepaid plans in India start from Rs 109 for a month and Rs 309 for a period of three months.

The YouTube Premium prepaid plan, on the other hand, is priced at Rs 139 for one month and Rs 399 for three months.

ALSO READ: Google CEO Sundar Pichai Bets Big on YouTube For Future Growth

YouTube Music Premium offers ad-free music, download any song for offline playback, listen to music in the background while accessing other apps and YouTube Premium offers all the benefits of YouTube Music Premium.

Google says that prepaid plans can be purchased with credit or debit card using Visa or Master-card and the YouTube Premium page reads “many forms of payment are accepted”.(IANS)