OIL & GAS
Foreign and domestic oil and gas exploration and production (E&P) majors operating in India have sought concessions on taxes applicable to the production of crude oil, in view of the global slump in prices.
In a communication to the Petroleum and Natural Gas Ministry, E&P majors ONGC Limited, Reliance Industries, Cairns, Essar, BP and BG said that if the viability of existing investments and exploration of new blocks to be auctioned were to be maintained, the structure of levies needed to be changed and linked to current trends in global oil and gas markets.
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