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Which of the following is/are the features of Hydrocarbon Exploration and Licensing Policy (HELP)?
The provision of separate licenses for each kind of hydrocarbons.
Profit-sharing between the Government and the contractor after recovery of cost.
Freedom to select exploration blocks throughout the year.
Select the correct answer using the code given below.
- a)1 only
- b)2 and 3 only
- c)3 only
- d)1, 2 and 3
Correct answer is option 'C'. Can you explain this answer?
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Most Upvoted Answer
Which of the following is/are the features of Hydrocarbon Exploration...
The correct answer is option C, which means that only feature 3 is a part of the Hydrocarbon Exploration and Licensing Policy (HELP).
1. The provision of separate licenses for each kind of hydrocarbons: This statement is not a feature of HELP. Under the HELP, the government has introduced the concept of Open Acreage Licensing Policy (OALP), which allows companies to select blocks or areas of their choice for exploration and production of oil and gas. The focus is on exploration and production of hydrocarbons in general, rather than separate licenses for each kind of hydrocarbon.
2. Profit-sharing between the Government and the contractor after recovery of cost: This statement is also not a feature of HELP. Under HELP, a revenue-sharing model has been introduced instead of the earlier profit-sharing model. In the revenue-sharing model, the contractor is required to share a percentage of the revenue generated from the hydrocarbon production with the government. This percentage is determined through a competitive bidding process.
3. Freedom to select exploration blocks throughout the year: This statement is a feature of HELP. The policy allows companies to select exploration blocks throughout the year. This provides flexibility to the companies to choose the blocks based on their exploration and production plans.
In summary, feature 3 is the only correct statement regarding the Hydrocarbon Exploration and Licensing Policy (HELP). The policy provides freedom to select exploration blocks throughout the year, but it does not include separate licenses for each kind of hydrocarbons or profit-sharing after recovery of cost.
1. The provision of separate licenses for each kind of hydrocarbons: This statement is not a feature of HELP. Under the HELP, the government has introduced the concept of Open Acreage Licensing Policy (OALP), which allows companies to select blocks or areas of their choice for exploration and production of oil and gas. The focus is on exploration and production of hydrocarbons in general, rather than separate licenses for each kind of hydrocarbon.
2. Profit-sharing between the Government and the contractor after recovery of cost: This statement is also not a feature of HELP. Under HELP, a revenue-sharing model has been introduced instead of the earlier profit-sharing model. In the revenue-sharing model, the contractor is required to share a percentage of the revenue generated from the hydrocarbon production with the government. This percentage is determined through a competitive bidding process.
3. Freedom to select exploration blocks throughout the year: This statement is a feature of HELP. The policy allows companies to select exploration blocks throughout the year. This provides flexibility to the companies to choose the blocks based on their exploration and production plans.
In summary, feature 3 is the only correct statement regarding the Hydrocarbon Exploration and Licensing Policy (HELP). The policy provides freedom to select exploration blocks throughout the year, but it does not include separate licenses for each kind of hydrocarbons or profit-sharing after recovery of cost.
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Which of the following is/are the features of Hydrocarbon Exploration...
- Hydrocarbon Exploration and Licensing Policy (HELP) is a new policy adopted for the award of hydrocarbon acreages towards exploration and production (E&P). It was done to enhance domestic oil and gas production, enhance transparency, bring substantial investment and to reduce administrative discretion.
- HELP replaces the present policy regime for the exploration and production of oil and gas, known as the New Exploration Licensing Policy (NELP), which has been in existence for 18 years.
- Four main aspects of HELP are:
- Uniform License: It provides for a uniform licensing system to cover all hydrocarbons such as oil, gas, coal bed methane etc. under a single licensing framework, instead of the present system of issuing separate licenses for each kind of hydrocarbons. Hence option 1 is not correct.
- Open Acreages: It gives the option to a hydrocarbon company to select the exploration blocks throughout the year without waiting for the formal bid round from the Government. Hence option 3 is correct.
- Revenue Sharing Model: Present fiscal system of production sharing contract (PSC) is replaced by an easy to administer “revenue sharing model”. The earlier contracts were based on the concept of profit sharing where profits are shared between the Government and the contractor after recovery of cost. Under the new regime, the Government will not be concerned with the cost incurred and will receive a share of the gross revenue from the sale of oil, gas etc.
- Bidders will be required to quote revenue share in their bids and this will be a key parameter for selecting the winning bid. They will quote a different share at two levels of revenue called “lower revenue point” and “higher revenue point”. Revenue share for intermediate points will be calculated by linear interpolation. The bidder giving the highest net present value of revenue share to the Government, as per transparent methodology, will get the maximum marks under this parameter. Hence option 2 is not correct.
- Marketing and Pricing Freedom has been granted, subject to a ceiling price limit, for new gas production from Deepwater, Ultra-Deepwater and High Pressure-High Temperature Areas.
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Which of the following is/are the features of Hydrocarbon Exploration and Licensing Policy (HELP)? The provision of separate licenses for each kind of hydrocarbons. Profit-sharing between the Government and the contractor after recovery of cost. Freedom to select exploration blocks throughout the year. Select the correct answer using the code given below. a)1 onlyb)2 and 3 onlyc)3 onlyd)1, 2 and 3Correct answer is option 'C'. Can you explain this answer?
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