Question 1: Consider the following with respect to Hydrocarbon Exploration and Licensing Policy (HELP):

1. Notification by the government is not required; companies can find the oil field and inform the government to carry out oil drilling.
2. It provides uniform licenses for exploration and production of all forms of hydrocarbons, enabling contractors to explore conventional as well as unconventional oil and gas resources.
3. It is based on profit sharing model.

Which of the following statements is/are true?

1. 1 and 2
2.  2 and 3
3.  1 and 3
4.  1, 2, and 3

Correct Answer: A

Explanation

• • In the line with the vision of reducing hydrocarbon import dependency by 10% by 2022, Hydrocarbon Exploration and Licensing Policy (HELP) was launched in 2016 with the clear objective of boosting the production of oil & gas in the Indian sedimentary
  • As per the new policy, the companies will not have to wait for a notification of the in turn, the companies will find the oil fields and inform the government of their agenda to conduct oil drilling.
  • The government will send experts to verify the claims and grant licenses to the This system is known as Open Acreage Licensing Policy (OALP).
  • To solve the earlier problem of misreporting profit, the company now has to report their total earnings and thus share that with the government.
  • In addition, the government has allowed 100% FDI in oil and gas sector to promote a healthy competition between public and private This will further bring investment in oil and gas.

Open Acreage Licensing Policy-OALP 

• OALP is a critical part of the Hydrocarbon Exploration and Licensing Policy.
• Provides uniform licenses for exploration and production of all forms of hydrocarbons, enabling contractors to explore conventional as well as unconventional oil and gas resources.
• Fields are offered under a revenue-sharing model and throw up marketing and pricing freedom for crude oil and natural gas
• Under OALP, companies are allowed to carve out areas they want to explore oil and gas in. Once an explorer selects areas after evaluating the National Data Repository (NDR) and submits the expression of Interest, it is put up for competitive bidding.
• Under the profit-sharing methodology, it became necessary for the Government to scrutinize cost details of private participants, and this led to many delays and Under HELP, the Government will not be concerned with the cost incurred and will receive a share of the gross revenue from the sale of oil, gas etc. Bidders will be required to quote revenue share in their bids, and this will be a key parameter for selecting the winning bid.
• Along with uniform licensing policy, open acreage and revenue sharing model with the government, there are other merits as well.
• The companies will carry forth marketing and sale to domestic users as per their convenience.
• The companies will have freedom to use their technology while conducting deep- water drilling, and areas of high pressure and temperature, all of which requires high degree of expertise.

Question 2: Consider the following statements:

1. India is the third largest emitter of CO2 emissions after China and USA.
2. India has highest CO₂ emissions in metric tons per capita.

Which of the following statements is/are true?

1. 1 only
2. 2 only
3. 1 and 2 only
4. Neither 1 nor 2

Correct Answer: A

Explanation

• India is the third largest emitter of CO2 emissions after China and USA.
• Qatar has the highest per capita carbon dioxide emissions worldwide, at 37 metric tons per Many countries in the Middle East had high levels emissions, especially when compared to countries in Africa.

Question 3: Find out the correct sequence of the various sectors for their GHG contribution:

1. Energy sector>Industrial processes>Forestry>Agriculture.
2. Energy sector>Agriculture> Industrial processes>Forestry.
3. Industrial processes>Forestry> Energy sector>Agriculture.
4. Industrial processes> Energy sector>Agriculture>Forestry.

Correct Answer: B

Explanation

• In India, the energy sector contributes to 7% of GHG emissions, followed by agriculture (19.6%), industrial processes (6%), land-use change (3.8%) and forestry (1.9%), and waste.

Question 4: A tax incentive law called 45Q, was implemented by USA:

1. To protect the domestic industries from the Chinese aggressive policies after covid.
2. To check on Russia’s war effort by providing tax incentives to other countries.
3. To ensure accelerated deployment of Carbon capture, Utilization and Storage.
4. To recover from the covid impacts and make the economy more resilient for such shocks in the future.

Correct Answer: C

Explanation

• To ensure accelerated deployment of CCUS (Carbon capture, Utilization and storage), USA has already implemented a tax incentive law called 45Q, which has provision of giving tax benefit to the tune of USD 50 to USD 35 per ton of anthropogenic CO2 injected in the subsurface for pure sequestration and CO2-EOR respectively.
• Among recent encouraging developments in the CCUS, one of the most significant is the positive final investment decision taken, after considerable deliberation, by the Norwegian government in Favour of a major full-chain CCS project, now called Longship.