Government offered Petroleum Mining Lease (PML) of small/medium sized and discovered fields (proven reserves discovered by ONGC and Oil) to the private sector in August 1992 and October 1993. Production Sharing Contracts (PSCs) awarded during 1992-1993 had the distinctive feature of operators as private companies with ONGC/Oil as having Participating Interest. These rounds received overwhelming response from various private E&P operators. 28 contracts were signed by Government of India for 29 discovered fields. Under this regime, all statutory levies including royalty, cess, customs duties, were etc. payable by Contractor or Coventures. Signature/production Bonus was payable by companies to ONGC & Oil for small fields (1992) and for Medium and Discovered fields it was payable by Coventures.
