Assam Government Signed an Agreement with Oil India

BANKING AND ECONOMY

  • The Assam government signed a Petroleum Mining Lease (PML) block with Oil India Ltd (OIL).
  • The deal was signed with the objective to explore the petroleum products in eight blocks.
  • The 8 PML blocks are Dibrugarh, Dibrugarh Extn, Hugrijan Extn, Borhapjan, Borhat, Moran, Dumduma Extn and Mechaki Extn.
  • The state government is expected to receive more than Rs 2,000 crore royalty from OIL annually for the pact.

   Facts to know:

  • Oil India Ltd (OIL) was established in 1959 - the second largest Indian-government owned hydrocarbon exploration and production corporation.
  • OIL is functioning under the Ministry of Petroleum and Natural Gas.
  • Headquarters of OIL: Noida.
Petroleum Mining Lease
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