UPSC Civil Services Model Paper 2

Hydrocarbon Exploration and Licensing Policy(HELP) :
● This is a paradigm shift from Production Sharing Contract(PSC) regime to Revenue Sharing Contract(RSC) regime based on ease of doing business
● It provides for a single license for exploration and production of conventional as well as non-conventional Hydrocarbon resources.
● Open Acreage Licensing Policy(OALP) means to select the exploration blocks without waiting for a formal bit round.
● The salient features of Policy Reforms are as under:
◦ Shifting of focus from 'revenue' to 'production maximisation'.
◦ Shorter exploration period for early development.
◦ Fiscal concessions for early monetization and commercial production.
◦ Marketing and Pricing freedom for natural gas.