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Government adopts revenue sharing model for auctioning 69 small oil and gas fields

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Photo: http://www.livemint.com

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.

Next Story

Samsung Refreshes its Galaxy A Series in India

It would be available in ghost white, phantom black and angel gold colours

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samsung
To get ahead in the fast-changing tech industry, Samsung said it will expand investment in burgeoning tech segments to propel growth. Wikimedia Commons

Samsung India on Thursday refreshed its Galaxy A series with Galaxy A80 with the world’s first rotating triple camera, priced at Rs 47,990.

The Galaxy A80 has a 3,700 mAh battery and features Qualcomm Snapdragon 730G Octa-Core chipset and comes with Samsung Pay.

“Galaxy A80 has the world’s first rotating triple camera with 48 Megapixels. It allows brilliant quality images and videos to be captured on both front and rear cameras,” Aditya Babbar, Director, Mobile Business, Samsung India, said in a statement.

The Galaxy A80’s selfie mode in the camera app makes its three cameras pop-up and rotate. The camera is also capable of shooting ultra wide videos with super steady mode and has a 3D depth camera that offers “Live Focus” videos.

The device comes with the company’s new 6.7-inch FHD+ Super AMOLED “Infinity Display”.

Samsung, Home, Privacy
Arvin Baalu, vice president of product management at Harman International, talks about the Samsung Digital Cockpit during a Samsung news conference at the 2019 CES in Las Vegas, Jan. 7, 2019. VOA

Coupled with 8GB RAM and 128GB onboard memory, it runs Samsung’s own One UI interface on top of Android Pie OS.

The battery comes with 25W super-fast charging technology and USB Type-C.

Also Read: Survey: Only Half of Indian Women Able to Pursue Career of their Choice

Galaxy A80 would go on sale starting August 1 across retail stores, e-Shop, Samsung Opera House and all leading online channels.

It would be available in ghost white, phantom black and angel gold colours. (IANS)