The government has waived customs duty on import of goods for producing oil and gas from 69 idle fields of state-owned ONGC and Oil India Ltd that will be auctioned this year.
In a notification, the Revenue Department said ´nil´ customs duty will apply to goods imported ¨in connection with petroleum operations undertaken under specified contracts under the Marginal Field Policy (MFP)¨.
The Union Cabinet had on September 2 last year approved MFP to bring idle fields of ONGC and OIL to production at the earliest so as to augment domestic production of oil and gas.
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