Six member panel to set up to review production sharing contracts: Centre
- The ministry of petroleum and natural gas has set up a six-member expert committee to review the existing Production Sharing Contracts (PSCs) owing to the fall in crude oil prices and the Covid-19 lock, down.
- As there is a fall in oil and gas prices, the government needs to find ways to attract investment in exploration and production of oil and gas.
SCOPE OF PANEL
- Suggesting methodology for increased production and activities
- Changes required in the existing policies.
MEMBERS OF PANEL
- There is no representation from the private sector, industry bodies, and from top bureaucratic circles.
- The members of the committee include:
- Yash Malik, advisor to the ministry of petroleum,
- Sanjay Chawla, ED of ONGC,
- A R Patel, advisor (finance) of Directorate General of Hydrocarbons,
- K S Shaktawat former DGH official,
- Joydev Lahiri from Oil India,
- M B Doja from the geology department of
BACKGROUND
- Due to the Covid-19 pandemic , the global energy demand has curtailed activities and downsized.
- This has led to the excess supply and low prices. However, this lower price regime is also affecting or reducing the profits of domestic producers.
- Based on industry estimates, India is able to save more than Rs 1.7 trillion annually because of the countries’ domestic producers.
ABOUT DGH
- Regulatory body under the Ministry of Petroleum and Natural Gas.
- Director General – Atanu Chakraborty
ABOUT ONGC
- IndianMultinational Crude Oil and Gas
- Administrative control of the Ministry of Petroleum and Natural Gas.
- Chairman, CEO and Managing Director- Shashi Shankar
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