As per a new study, Oil and natural gas development in newly opened offshore areas will result in $1.7 trillion in federal tax revenue and around $600 million in state and local taxes throughout the life span of the new fields. For full story, click here
In an unusual development, the government has withdrawn the affidavit, it had filed in the Bombay High Court, arguing that Reliance Industries (RIL) cannot sell Krishna-Godavari basin gas at a price less than $4.20 per million metric British thermal units (mmBtu). For full story, click here
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