- PIFB
- The PIFB does not tackle profit based erosion and profit sharing
- The PIFB does not have a robust midstream fiscal system
- Propose a clear link between product price and crude oil price
- Consequential financial impact of increasing the tenor of the licences
- There should be greater conformance with the government’s fiscal policy
- PHICB
- Do not create additional burdens to operators
- State governments should be involved in funding the community trust
- Overwhelming burden should be on the part of the government
- PIAB
- Generally welcome the concept of a bill which deals specifically with
- Ability of the Minister to supervise the Ministry is denuded by the bill
- Who will regulate the regulator?
- Minister should be involved in the licensing processes
- For checks and balances the minister should determine when
- Minister should have the power of approval
- Acreage should revert to the state
- Data ownership should reside with the state
- Review the provisions regarding back-in rights
- Grant of flared gas dree of costs should be retained by the government
- Grant of ownership in petroleum should be explicitly stated
- Grandfather the provisions of Petroleum Production and Distribution (Anti – Sabotage) Act;
- Align gas flaring issues with the proposed Gas Flaring Bill
- Review the provisions regarding signature bonuses
- No provisions on venting
- Impose scheduled process of asset disposal
- Same duration for leases in all terrains be maintained
- Confidentiality clauses should be revisited
- Unfettered access to data for educational research
- Who makes the decision to back-in?
- Clear process on back-in
- National Strategic Stocks – not a regulatory function but a commercial activity
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