Policy for the Grant of Extension to the Production Sharing Contracts signed by Government awarding small, medium sized and discovered fields to private Joint Ventures

Policy for the Grant of Extension to the Production Sharing Contracts signed by Government awarding small, medium sized and discovered fields to private Joint Ventures https://www.taxtmi.com/news?id=15870 The policy authorises extensions of Production Sharing Contracts for specified small and medium discovered fields subject to pre-requisites, evaluation criteria, timeframes, duration limits and arbitration seat determinations. During any granted extension the Government share of Profit Petroleum will be ten percentage points higher than the share computed under normal PSC provisions for that year, while royalty and cess will be payable at prevailing nomination-regime rates by contractors in proportion to participating interest. en-us Thu, 10 Mar 2016 15:53:04 +0530 Thu, 10 Mar 2016 15:53:04 +0530 TaxTMI RSS Generator Policy for the Grant of Extension to the Production Sharing Contracts signed by Government awarding small, medium sized and discovered fields to private Joint Ventures https://www.taxtmi.com/news?id=15870 The policy authorises extensions of Production Sharing Contracts for specified small and medium discovered fields subject to pre-requisites, evaluation criteria, timeframes, duration limits and arbitration seat determinations. During any granted extension the Government share of Profit Petroleum will be ten percentage points higher than the share computed under normal PSC provisions for that year, while royalty and cess will be payable at prevailing nomination-regime rates by contractors in proportion to participating interest. News - Thu, 10 Mar 2016 15:53:04 +0530 https://www.taxtmi.com/news?id=15870