Niti Aayog considering incentives to attract global oil majors

In a bid to reduce India’s dependence on oil and gas imports, NITI Aayog is considering incentives for global oil majors to set up manufacturing, and research and development facilities in the country. The think tank began discussions with the Ministry of Petroleum and Natural Gas on the implementation of a new blueprint for the sector to significantly enhance domestic production and exploration while augmenting refining and distribution of oil and gas to reduce the dependence on imports. NITI Aayog, in its three-year draft action plan, has pitched for the speedy roll-out of other initiatives that include the launch of the open acreage licensing policy and the rationalisation of all the discoveries made so far. The action plan spells out a clear roadmap for augmenting domestic capacity for the exploration, production, refining and distribution of hydrocarbons.