(a) whether the production as well as the prices of gas will increase due to reforms in the new gas policy by the Government;
(b) if so, the details thereof;
(c) whether the gas and crude oil producing companies in the country are presently in a position to earn huge profits;
(d) if so, the percentage increase in their average annual profit during the last five years; and
(e) the further increase in profits estimated in this regard in terms of percentage under the new policy?
MINISTER OF STATE IN THE MINISTRY OF PETROLEUM & NATURAL GAS (SHRI R.P.N. SINGH)
(a): No, Madam.
(b): Does not arise in view of (a) above.
(c) and (d): Under Production Sharing Contract (PSC) regime, Profit Petroleum (PP) is shared between Government and Contractor based on relevant PSC provisions. During the last five years 2006-07 to 2010-11 the Profit Petroleum received
by the Government and the Contractor (s) under the PSC regime is as under:
In US $ Million)
Year 2006-07 2007-08 2008-09 2009-10 2010-11 Total GOI PP 781 997 1226 1171 801 4976 Contractor’s PP 1419 1836 2169 1971 1998 9393 % Change in Contractor’s PP - 29.4% 18.1% -9.1% ¼%Note: The data in the table above is as per the Annual Account received from the Contractor (s). The Audited A/c for 2011-12 is yet to be received.