Make provisions inter alia for the regulation of

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make provisions, inter alia, for the regulation of Petroleum Operations and grant of Licenses and Leases for exploration, development and production of Petroleum in India. (3) The Territorial Waters, Continental Shelf, Exclusive Economic Zone and other Maritime Zones Act, 1976 (80 of 1976) provides for the grant of a license by the Government to explore and exploit the resources of the continental shelf and exclusive economic zone and any Petroleum Operation under this Contract shall be carried out under a license granted by the Central Government; (4) The above Acts and Rules provide for the grant of License and Lease in respect of any land or mineral underlying the ocean, within the territorial waters, the continental shelf and exclusive economic zone of India by the Central Government. Since the Coal/Lignite Bed Methane (CBM) is a Natural Gas, therefore, it also is governed by the Act and the Rules. (5) Furthermore, the Rules provide for the grant of Licenses and Leases in respect of land vested in a State Government by that State Government with the previous approval of the Central Government. (6) Rule 5 of the Rules provides for an agreement between the Government and the Licensee or Lessee containing additional terms and conditions with respect to the License or Lease. (7) The Government desires that all types of Petroleum resources which may exist in India, whether within territorial waters (ultra deep, deep or shallow water) or onland, be discovered and exploited in accordance
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5 with Modern Oil Field and Petroleum Industry Practiceswith utmost expedition in the overall interests of India; (8) The Government formulates policies pursuant to which it invites companies to submit competitive bids to obtain the right to undertake exploration, discovery and commercial production of Petroleum resources within India, which would also be governed by applicable laws and the policies governing Petroleum Operations within India formulated by the Government; (9) XYZ has / have committed that it has / they have, or will acquire and make available, the necessary financial and technical resources and the technical and industrial competence and experience necessary for proper discharge and / or performance of all obligations required to be performed under this Contract in accordance with Modern Oil Field and Petroleum Industry Practices and will provide guarantees as required in Article 28 for the due performance of its obligations hereunder; and (10) As a result of discussions between representatives of the Government and XYZ on the proposal of XYZ, the Government has agreed to enter into this Contract with XYZ with respect to the Contract Area identified as Block and detailed in Appendix A and Appendix B (hereinafter referred to as “the Block”)on the terms and conditions herein set forth.
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  • Winter '14
  • Bijay K Behra
  • Government, Petroleum Operations, Contract Area

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