(a) the measures taken by the Government to exploit the Continental shelf for economic development in the country;
(b) whether the Government have entered into any agreement with any multinational company for exploring the continental shelf or any part of the ocean; and
(c) if so, the details thereof?
MINISTER FOR OCEAN DEVELOPMENT
(DR. MURLI MANOHAR JOSHI)
(a) The majority of the measures taken by the Government relate to the Petroleum and Natural Gas sector. In this sector the government has taken steps by way of surveys, drilling, exploration and exploitation of oil and gas in the Continental Shelf for economic development in the country.
(b)and (c) Yes Sir. In the Petroleum sector, at present eight Production Sharing Contracts (PSCs) for exploration blocks and four PSCs for discovered fields in offshore areas involving foreign companies are under implementation, for exploration of oil and gas.
The terms and conditions of these PSCs, in brief provide for
(1) Customs duty exemption to the contractors; and
(2) recovery of costs of Petroleum operations out of the revenue from the discovery before sharing of the Profit Petroleum with the government according to biddable scheme.