Guwahati: The Assam Government has announced that it would enter into the field of production and exploration of oil and gas, the two premier natural resources of the state.
Addressing a press conference, state Industry Minister Pradyut Bordoloi said for this purpose a company under the name of Assam Hydro Carbon and Energy Company has been registered on August 31 with a sanctioned authorised capital of Rs 100 crore.
Bordoloi said so far public sector companies, OIL, ONGC and GAIL were engaged in exploration and production work and the state government was only receiving royalty.
More than Rs 3,00,000 crore worth of oil and gas have been procured in the state since Independence of which only a certain amount have been received by the government as royalty, he said.
The minister said the state would have benefited more if it was engaged directly in procurement work for which the decision to set up the new company was taken. On September 15, the new company would for the first time bid for oil exploration work in five fields in upper Assam, he said.
The government, he said, was in favour of extension of the North East Industrial Policy and provide more concessions for the region. The policy is due to expire next year.
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