abce certificate
Monday, 21 July, 2008, 00:40 GMT | more prices >>

Nelp-7 date may be extended due to spat



By Upstream staff 

The final date of bidding for the seventh round of New Exploration Licensing Policy (Nelp) in India may be pushed back from 25 April because of a domestic wrangle concerning tax holidays for explorers.

The Hindu’s Business Line reported official sources as saying “there is no formal decision on the issue (tax holiday),” but if a clarification of fiscal terms comes by Monday, then the final bidding date may not be stretched. The Business Line added that a decision whether the seven-year tax holiday for hydrocarbon production will be available would only emerge when the finance minister replies to the bill in parliament.

Under the latest Nelp round, the government has put on offer 57 oil and gas blocks that were originally set to go under the hammer on the 11 April.

The finance ministry’s budget for 2008-2009 proposes to withdraw a seven-year tax holiday on oil and gas production that was promised in the Nelp-7.

The budget also seeks to cancel policy for the exemption of 100% profits for commercial production of petroleum and natural gas over a seven year period where refining of oil begins after 1 April next year.


Friday, 18 April, 2008, 01:16 GMT  | last updated: Wednesday, 07 May, 2008, 00:48 GMT

An idol of India's Hindu Goddess Durga is seen(above)here: the country's latest Nelp faces further woe
 

e-mail this article to a colleague


to email:  from:
comments: