Agartala, July 25, 2023: Tripura government has received a substantial sum of Rs 349,56,5,866 as royalty from the Oil and Natural Gas Corporation of India for gas extraction over the last three financial years. Notably, in the recent financial year (2022-23), the government received a whopping Rs 169,75,66,863 as royalty, almost close to doubling the amount received in the preceding fiscal year.
Official data reveals that the government of Tripura received Rs 85,41,56,310 and Rs 93,98,42,693 in the fiscal years 2020-21 and 2021-22, respectively. However, the revenue generation witnessed a remarkable surge in the last financial year. The Industries and Commerce Minister in a statement in the state assembly, highlighted that the revenue from Natural Gas mainly comprises royalty, license fees, and lease fees.
The State Government obtains 10% of the total royalty earned from gas sales by the operators operating in Tripura. This royalty is collected exclusively from the mining blocks with Petroleum Mining Lease and under full-fledged production. No royalty is charged for the blocks under exploration, i.e., having Petroleum Exploration License. In such cases, only license fees are deposited once a year to the Government Treasury under the royalty head.
The amount of Rs 169,75,66,863 includes the 10% royalty and all the license and lease fees deposited by the operators working in Tripura. The Minister emphasized that the revenue generated from this sector is allocated for various development projects and welfare schemes initiated by the state government, significantly contributing to the state’s growth.
Additionally, the Tripura Tribal Areas Autonomous District Council (TTAADC) also benefits from this revenue. The funds play a crucial role in supporting developmental initiatives in the tribal areas, ensuring progress and well-being for the local communities. The government remains committed to optimizing the utilization of this revenue to promote sustainable growth and improve the quality of life for the people of Tripura.
