India's oil ministry seeks windfall tax review; asks for exemption for some oil blocks

In a letter dated August 12, reviewed by PTI, the oil ministry has sought the exemption from the two-and-half-month old levy for the oil field or blocks which were bid out to companies under Production Sharing Contract (PSC) and Revenue Sharing Contract (RSC). The ministry opined that the contracts have an in-built mechanism to factor in high prices as incremental gains get transferred in form of higher profit share for the government.

from Energy-Industry-Economic Times https://ift.tt/v4awsiN