Giving a major boost to government-owned Oil and Natural Gas Corporation (ONGC) and Oil India (OIL), the government is planning to come up with a new fiscal model giving ‘special incentives’ for fields that were given out on nomination to these companies.

This will also give companies the freedom to bring in private players to ramp up the production. Petroleum minister Dharmendra Pradhan said on Monday his government was working on giving “incentives to the exploration and production sector, especially those under the nomination regime and special incentives to ...