Assam inks pact with Oil India for extraction of petroleum products; to lease out 8 blocks

AgenciesUpdated:Wednesday, March 30, 2022, 02:59 PM IST
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Assam Government is expected to receive more than Rs 2,000 crore from Oil India Limited annually. / Representational image |

The Assam government on Tuesday said it has signed a mining pact with PSU major Oil India for exploration and extraction of petroleum products in eight blocks, yielding an annual royalty of around Rs 2,000 crore.

Geology and Mining Director Ananda Kumar Das and Oil India Ltd (OIL) Executive Director (Frontier Basin) Agadh Medhi signed the deed on behalf of Assam Government and Oil India in presence of the state Mines and Minerals Minister Jogen Mohan, an official release said.

''The 8 PML (Petroleum Mining Lease) blocks are Dibrugarh, Dibrugarh Extension, Hugrijan Extension, Borhapjan, Borhat, Moran, Dumduma Extension and Mechaki Extension.

''Assam Government is expected to receive more than Rs 2,000 crore from Oil India Limited annually,'' the statement said.

Mohan said the Assam government will provide all possible support to OIL in its quest for hydrocarbons.

He also requested the company to increase recruitment from among local people.

OIL Resident Chief Executive Prasanta Borkakoty said the company shall make sincere efforts to achieve higher levels of excellence through concerted efforts and effective participation with all its stakeholders.

He also spoke about the OIL's plan to ramp up crude oil and gas productions by enhancing its exploration and development programmes.

(With inputs from PTI)

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