India approves policy on shale gas, oil

India has approved a policy that allows exploration and exploitation of unconventional shale gas and oil on licenses that have already been awarded for conventional efforts.

The proposal by the Ministry of Petroleum and Natural Gas was approved by the Cabinet Committee on Economic Affairs.

The policy will allow companies to apply for shale gas and oil rights in their petroleum exploration license and petroleum mining lease.

Companies will be permitted three assessment phases, each with a maximum period of 3 years.

Royalties and taxes would be the same as for conventional production in a particular area.

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