Dr RK Malhotra, Director General FIPI, welcomed Chairman, Co-Chairman, Vice Chairman & the members present.

Mr. Shashi Shanker, Chairman FIPI & CMD, ONGC addressed the august gathering in the presence of Mr. Sanjiv Singh, Co-Chairman FIPI & Chairman IOCL. He mentioned that FIPI has continued with the legacy of its predecessors to emerge as the unequivocal voice of the Oil & Gas Industry in the country.

In his address, the Chairman brought out the important developments which have come forth in India in recent times. Some of the policy decisions included a forward-looking Hydrocarbon Exploration and Licensing Policy (HELP), marketing and pricing freedom for gas produced from Deepwater, Ultra Deepwater and High Pressure-High Temperature areas, Extension of the Production Sharing Contracts of small and medium sized discovered blocks, the Discovered Small Field Policy, etc. In a ground-breaking decision, India has switched over to the Open Acreage Licensing (OAL) regime making it a part of the elite league of nations that offer areas for exploration and production of oil and gas round the year on liberal fiscal terms including marketing and pricing freedom.

Speaking on GST, the chairman said that the exclusion of crude oil, Natural Gas, MS, HSD & ATF from the purview of GST has brought about a multitude of challenges for the industry.

During his address Mr. Shanker also mentioned about the Vison 2030 released by Hon’ble Minister for Petroleum and Natural gas for North East India with the objective of leveraging the North-Eastern Region’s hydrocarbon potential.

He also stated that April 01, 2017 saw an important landmark for our sector when the Hon’ble Minister Shri Dharmendra Pradhan formally launched BS IV fuel from Bhubaneswar to mark the supply of environment friendly fuels across the country. OMCs are investing heavily to leapfrog to BSVI by April 2020. In view of the serious environmental concerns in NCR, OMCs have agreed to supply BSVI fuel from April 2018 in Delhi and are looking at options to supply BSVI in entire NCR from April 2019.

Chairman stated that under the Government’s flagship programme, Pradhan Mantri Ujjwala Yojana (PMUY), the state-owned Oil Marketing Companies (OMCs) have successfully released 3.25 crore new LPG connections during FY 2016-17.

Chairman mentioned that FIPI is well into paving the way towards the determined bright future of the Oil & Gas industry and in order to commit itself to this resounding vision, it has undertaken several projects and programs.

Chairman apprised the members that FIPI plays an important role as an apex industry body in Oil & Gas Sector in advocating & addressing the issues & Concerns of member organizations and appropriately taking up with the Government, regulatory authorities and stake holders.

He thanked all the members for their constant support & inputs, which helped the Federation, make an effective contribution for the healthy growth & development of the Industry. Chairman also thanked the Government for their support in propelling the growth of the industry and appreciated Team FIPI for their excellent work.

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Annual Report for F.Y. 2016-17 was placed before the members and the audited Accounts of the Society were approved and adopted by the general body.