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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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Microsoft Surface Go Now Available on Flipkart

For users who require connectivity via video calls, the Surface Go features a 5-MP HD camera and rear auto-focus 8MP HD camera, along with dual microphones

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Pre-order Microsoft Surface Go now on Flipkart in India. (IANS)

With an aim to take on the Apple iPad Pro and Samsung Galaxy Tab S4, Microsoft on Saturday brought its smallest and affordable Surface Go device to India, starting at a price of Rs 38,599.

Weighing at just 1.15 pounds and 8.3 mm thin, the 10-inch, two-in-one device is now available for pre-order with Flipkart, the company said in a statement.

The Surface Go with 4GB RAM and 64GB internal storage will cost Rs 38,599 while the 8GB RAM and 128GB variant can be purchased for Rs 50,999.

The Surface Go type cover (black) will cost an additional Rs 8,699 and the signature type cover (colour) will cost Rs 11,799.

Microsoft launched the Surface Go globally earlier this year.

Flipkart.com

The 2-in-1 device comes with the Surface Pen — with 4,096 levels of pressure sensitivity and a 3:2 high-resolution “PixelSense” custom calibrated display designed to render the pages of most school textbooks.

Powered by the 7th Generation Intel Pentium Gold Processor 4415Y and protected by Gorilla Glass 3, the device offers up to nine hours of battery life.

Surface Go also has several ports for various needs, including Surface Connect for charging and docking, USB-C 3.1 for data, video, and charging, a headphone jack and a MicroSD card reader for storage expansion.

Also Read- OPPO Launches its First R&D Centre in India

For users who require connectivity via video calls, the Surface Go features a 5-MP HD camera and rear auto-focus 8MP HD camera, along with dual microphones.

“Commercial customers can opt for Windows 10 Pro which brings essential business security features to protect devices and infrastructure from modern threats,” said Microsoft. (IANS)