Depreciation policy for mineral oil assets updated, specifying revised WDV and SLM rates for field equipment and rigs. Amendment to Schedule XIV of the Companies Act, 1956 substitutes entries in sub-item B.7 for mineral oil concerns, specifying revised depreciation treatment for field operations (above ground) and listed equipment including portable boilers, drilling tools and well-head tanks, and adds entry 7A for rigs (NESD) with distinct depreciation rates and methods for single-shift operation under the Plant and Machinery heading.
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Depreciation policy for mineral oil assets updated, specifying revised WDV and SLM rates for field equipment and rigs.
Amendment to Schedule XIV of the Companies Act, 1956 substitutes entries in sub-item B.7 for mineral oil concerns, specifying revised depreciation treatment for field operations (above ground) and listed equipment including portable boilers, drilling tools and well-head tanks, and adds entry 7A for rigs (NESD) with distinct depreciation rates and methods for single-shift operation under the Plant and Machinery heading.
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