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Consider the following statements regarding Hydrocarbon Exploration Policy.
1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.
2. The most recent policy is based on Revenue Sharing and Single- Uniform License.
2. The most recent policy is based on Revenue Sharing and Single- Uniform License.
Which of the above statements is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding Hydrocarbon Exploration Po...
In News: Oil Ministry launches sixth bid round of Open Acreage Licensing Programme.
Statement 1 is not correct. Hydrocarbon Exploration Licensing Policy (HELP) has been brought by the Oil Ministry to replace New Exploration and Licensing Policy (NELP). (The statement in question is the reverse.) Statement 2 is correct. The HELP policy is based on Revenue Sharing and Single- Uniform License for all Hydrocarbons and freedom to the producer to market and price the produce.
Statement 1 is not correct. Hydrocarbon Exploration Licensing Policy (HELP) has been brought by the Oil Ministry to replace New Exploration and Licensing Policy (NELP). (The statement in question is the reverse.) Statement 2 is correct. The HELP policy is based on Revenue Sharing and Single- Uniform License for all Hydrocarbons and freedom to the producer to market and price the produce.
Most Upvoted Answer
Consider the following statements regarding Hydrocarbon Exploration Po...
There are two statements given in the question regarding the Hydrocarbon Exploration Policy. Let's analyze each statement individually:
Statement 1: New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.
Statement 2: The most recent policy is based on Revenue Sharing and Single-Uniform License.
Now, let's evaluate each statement:
Statement 1: New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.
This statement is incorrect. The New Exploration Licensing Policy (NELP) was introduced by the Indian government in 1997 to encourage exploration and production of hydrocarbons in the country. However, it has been replaced by the Hydrocarbon Exploration and Licensing Policy (HELP) in 2016, not by the New Exploration Licensing Policy as mentioned in the statement. So, statement 1 is incorrect.
Statement 2: The most recent policy is based on Revenue Sharing and Single-Uniform License.
This statement is correct. The Hydrocarbon Exploration and Licensing Policy (HELP) introduced in 2016 is indeed based on the principles of revenue sharing and a single-uniform license. Under this policy, companies are required to bid for exploration blocks based on the percentage of revenue share they offer to the government. This revenue-sharing mechanism ensures that the government receives a share of the revenue generated from the exploration and production of hydrocarbons. Additionally, the single-uniform license allows companies to explore and produce conventional as well as unconventional hydrocarbon resources like shale gas and coal bed methane from the same field. So, statement 2 is correct.
In conclusion, only statement 2 is correct, while statement 1 is incorrect.
Statement 1: New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.
Statement 2: The most recent policy is based on Revenue Sharing and Single-Uniform License.
Now, let's evaluate each statement:
Statement 1: New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.
This statement is incorrect. The New Exploration Licensing Policy (NELP) was introduced by the Indian government in 1997 to encourage exploration and production of hydrocarbons in the country. However, it has been replaced by the Hydrocarbon Exploration and Licensing Policy (HELP) in 2016, not by the New Exploration Licensing Policy as mentioned in the statement. So, statement 1 is incorrect.
Statement 2: The most recent policy is based on Revenue Sharing and Single-Uniform License.
This statement is correct. The Hydrocarbon Exploration and Licensing Policy (HELP) introduced in 2016 is indeed based on the principles of revenue sharing and a single-uniform license. Under this policy, companies are required to bid for exploration blocks based on the percentage of revenue share they offer to the government. This revenue-sharing mechanism ensures that the government receives a share of the revenue generated from the exploration and production of hydrocarbons. Additionally, the single-uniform license allows companies to explore and produce conventional as well as unconventional hydrocarbon resources like shale gas and coal bed methane from the same field. So, statement 2 is correct.
In conclusion, only statement 2 is correct, while statement 1 is incorrect.
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Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? for Current Affairs 2024 is part of Current Affairs preparation. The Question and answers have been prepared according to the Current Affairs exam syllabus. Information about Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Current Affairs 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements regarding Hydrocarbon Exploration Policy.1. New Exploration Licensing Policy has been brought by the Oil Ministry to replace the Hydrocarbon Exploration and Licensing Policy.2. The most recent policy is based on Revenue Sharing and Single- Uniform License.Which of the above statements is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?.
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