Oil explorers firm up on new hydrocarbon exploration policy

The new policy aim at boosting production and streamlining various hurdles faced by oil explorers

Shares of oil exploration majors were trading firm after the government today announced a new Hydrocarbon Exploration & Licencing Policy in an effort to boost production and also streamline several hurdles faced by oil exploration companies.

The new policy comprises of several norms that would smoothen the process of licensing to exploration, by offering a uniform licence for all fuels such as natural gas, crude oil or shale, and by streamlining revenue and production sharing models.

At 12:50pm, Cairn India was up over 3% at Rs 141 on the Bombay Stock Exchange while state-owned exploration major ONGC trimmed gains and was trading flat at Rs 206 while Oil India was trading marginally higher at Rs 310.