Rajasthan oil fields have given an enormous profit in the field of petroleum to Indian govt with about $7.05 billion in profit in the last three fiscal years, accounting for 60 per cent of the profit petroleum government earned from private fields.
The government got $11.954 billion in profit petroleum from oil and gas fields operated by private firms like Cairn and Reliance Industries during 2011-12 to 2013-14, Oil Minister Dharmendra Pradhan said in a written reply to a question in the Lok Sabha.
Of this, the maximum of $ 7.057 billion came from Cairn’s Rajasthan oilfields. BG Group-operated Panna/Mukta and Tapti field gave $2.507 billion. Cairn’s Ravva field gave $1.066 billion and its Cambay basin field CB-OS/2 an additional $316 million.
RIL’s eastern offshore KG-DWN-98/3 or KG-D6 block gave the government $486 million, Pradhan said.
With KG-D6 output dropping, government’s profit share too has dipped – from $251 million in 2011-12 to $153 million in 2012-13 and $82 million in 2013-14.
Government is entitled to a pre-fixed share of profit from the oil and gas fields. This profit petroleum rises after all cost incurred on the field are recovered.
Cairn’s Rajasthan block, where the government’s share of profit has been fixed at a ceiling of 50 per cent, gave the government a profit petroleum of $1.798 billion in 2011-12, $2.637 billion in 2012-13 and $2.622 billion in 2013-14.
Src- http://profit.ndtv.com/news/corporates/article-government-gets-profit-of-7-05-billion-from-rajasthan-fields-in-3-fiscal-years-632248