The proposed National Data Repository (NDR) for oil and gas sector received approval form the union Petroleum and Natural Gas Minister M Veerappa Moily.
NDR is a government-sponsored data bank under the Directorate General of Hydrocarbons (DGH).
The ministry also approved the appointment of Engineers India (EIL) as the project management consultant, as also for calling of tenders from national as well as international players to set up the data bank.
Government may spend over Rs 55 crore on the project. The repository will help store and maintain hydrocarbon exploration and production data in a safe and re-usable manner. It will also facilitate efficient data reporting, exchange and trading.
Once set up, the data bank would reduce significantly the exploration costs of companies. This is because a large part of the exploration cost goes into acquiring data, assessing it, and undertaking geographical studies.
The repository will also facilitate an Open Acreage Licensing Policy (OALP) regime where the companies can select any block on offer at any time, without waiting for the regular bid rounds.