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The Hindu: Open acres: The new hydrocarbon policy opens us exploration
The recently unveiled Open Acreage Licensing Policy and the National Data Repository together are a significant and welcome step towards opening up the hydrocarbon exploration and production industry in India. By placing greater discretion in the hands of explorers and operators, the Licensing Policy attempts to address a major drawback in the New Exploration Licensing Policy, which forced energy explorers to bid for blocks chosen by the government. Companies can now apply for particular areas they deem to be attractive to invest in, and the Centre will put those areas up for bids. This is more attractive for prospective operators because in the past, the blocks chosen by the government often were large swathes of land or sea in which only a small fraction had hydrocarbon reserves. By offering companies the freedom to choose exactly the areas they want to explore, and their size, the government has a better chance to woo serious energy investors in an effort to help achieve a more cohesive framework of the country’s energy security. Tied to this is the National Data Repository, which is envisaged as a centralised database of geological and hydrocarbon information that will be available to all. Besides allowing potential investors to make informed decisions, this will open up a new sector in India. There are a number of companies around the world that make it their business to simply explore hydrocarbon basins and sell the information they gather. The new initiative seeks to incentivise such prospectors.
Companies may also submit applications through the year and not just at designated and often infrequent points, as was the case earlier. The Directorate General of Hydrocarbons has said that while the auctions will be held twice a year for now, the frequency could be increased as soon as the industry grows accustomed to the new system. This, too, will lend more flexibility to the industry. However, there are still some concerns about the implementation of the overall Hydrocarbon Exploration and Licensing Policy. The policy awards an extra five points to bidders for an acreage if they have already invested in the exploration and development of that area, but it is doubtful if this is enough of an incentive, since the investment needed to simply explore is significant. By contrast, no such preference is given to mineral explorers while auctioning mining rights — instead, a revenue-share from mining operations is their recompense for exploration efforts. This could be considered for the hydrocarbon sector as well. Another concern is whether India can attract enough investment to meet the government’s objective of reducing oil imports by 10% by 2022, especially given the past experience investors have had with large projects such as KG-D6. There are after all proven reserves in other parts of the world, such as the Gulf of Mexico, that could still keep investor appetite for Indian acreage weak.
1.Discretion(Noun) : विवेक
Meaning: the quality of behaving or speaking in such a way as to avoid causing offence or revealing confidential information.
Synonyms : circumspection, care, carefulness, caution, wariness, chariness, guardedness; tact, tactfulness, diplomacy, delicacy, sensitivity, subtlety, consideration, prudence, judiciousness, judgement, discrimination, sense, good sense, common sense; kid gloves.
Antonyms : carelessness, disregarding, discretion, negligence, thoughtlessness, heedlessness.
Usage : the negotiations have been carried out with the utmost discretion.
2.Swathes(adjective) : तह
Meaning : a row or line of grass, corn, or other crop as it falls or lies when mown or reaped.
Synonyms : bandage, clothe, cover.
Usage : if the day is windy, the swathes should be high and narrow.
3.Cohesive(adjective) : जोड़नेवाला
Meaning : characterized by or causing cohesion.
Synonyms : close-knits, adhesive, tenacious
Antonyms : detached, divided, looses, disjointed, friable
Usage : each parish was formerly a cohesive unit.
4.Envisaged(verb) : परिकल्पना की गई
Meaning: contemplate or conceive of as a possibility or a desirable future event.
Synonyms : foresee, predict, forecast, foretell, anticipate, expect, think likely, envision; intend, propose, mean.
Antonyms : anticipate, behold, conceives.
Usage: it was envisaged that such hospitals would be opened in all the principal towns.
5.Basins(adjective) : घाटियों
Meaning : a bowl for washing, typically attached to a wall and having taps connected to a water supply; a washbasin.
Synonyms : bowl, dish, pan, pot; container, receptacle, vessel.
Antonyms : increase, rise, solid.
Usage : she poured water into the basin.
6.Auctions(noun) : नीलामी
Meaning : a public sale in which goods or property are sold to the highest bidder.
Synonyms : sell-off, bargain, jam.
Usage : the books are expected to fetch a six-figure sum at tomorrow’s auction.
7.Bidders noun) : बोलीदाताओं
Meaning : a person or organization making a formal offer for something, especially at an auction.
Synonyms : Applicant, aspirant, bidder, competitor, contender, contestant.
Usage : she was the highest bidder for this rare portrait.
8.Acreage(noun) : एकड़
Meaning : an area of land, typically when used for agricultural purposes, but not necessarily measured in acres.
Synonyms: expanse, holding, parcel, plot.
Usage : a 35 per cent increase in net acreage.
9.concern(verb) : चिंता
Meaning : relate to; be about.
Synonyms: be about, deal with, cover, treat, have to do with; discuss, tell of, go into, examine, scrutinize, study, review, analyse; relate to, be connected with, pertain to, appertain to; archaicregard.
Antonyms : entertainment, fun, pastime.
Usage : the report concerns events which took place immediately after the end of the war
10.Appetite(Noun) : भूख
Meaning : a natural desire to satisfy a bodily need, especially for food.
Synonyms: hunger, ravenousness, hungriness, need for food; taste, palate; desire, relish; voracity, greed, gluttony, stomach; rareedacity, esurience.
Antonyms: apathy, disinclination, dislike, hate, hatred.
Usage; a walk before lunch sharpens the appetite.