India’s Hydrocarbon Outlook 2024 139 A Report on Exploration & Production Activities The Reserves-to-Production ratio (R/P) is an estimate of the number of years oil and gas reserves will continue to produce based on Review of Enhanced Recovery (ER) Policy 2018 by Expert Committee Government of India had issued a “Policy framework to promote and incentivize Enhanced Recovery Methods for Oil & Gas” to provide fiscal incentives to adopt Enhanced Recovery (ER), Improved Recovery (IR) and Unconventional Hydrocarbon (UHC) production methods in October 2018 with a well-laid provision for its review after 5 years. Accordingly, an Expert Committee was constituted by MoPNG in June 2023 for identifying shortcomings and challenges in the ER Policy 2018 and suggest necessary changes so that E&P Operators can be encouraged to implement the policy framework on a fast track realizing the given incentives. The Expert Committee is chaired by Shri Omkar Nath Gyani, Director(Operations), ONGC Videsh Limited and amongst other members, it is represented by HoD(Reservoir) from DGH. The Committee successfully completed the task within 2 months and submitted the draft Modified ER Policy, 2023 with its recommendations. The gazette notification is due for approval from MoPNG. Country’s R/P FY 2023-24 Oil + Condensate Gas 16 years 18 years current production rates. It does not account for future reserve accretion; hence it tends to increase with the time. R/P = [total reserves / total production during a FY Year Director (operations), OVL handing over the modified draft ER Policy 2023 to Joint Secretary, MoPNG on 11.08.2023
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