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Revenue generation estimates for FY25 were also affected as the latest bidding round, OALP IX, was lower than expected.
The slow participation of foreign companies in exploration and production (E&P) has so far led the government to temper its revenue collection estimates from the oil sector in FY25 (2024-25), officials said.
On the petroleum front, the Interim Budget has included Budget Estimates (BE) of ~15,933 crore non-tax revenue collections in FY25. This is ~1,011 crore more than the Revised Estimates (RE) of ~14,922 crore for FY24.
However, the latest figure points to a general downward trend. BE FY25 is up to 38 per cent lower than what the government initially expected to get in FY24. In being
First published: February 4, 2024 | 19:16 IS
