How to increase domestic oil and gas production seems to have been a challenge for the Narendra Modi-led government as was the case with the previous regimes. In what could be seen as yet another attempt at making the exploration business attractive, the government is in the process of implementing the recommendations of a high-level Inter-Ministerial Committee.
The Committee headed by Rajiv Kumar, Vice-Chairman, NITI Aayog, has made several specific recommendations to transform the country’s oil and gas exploration sector. It has submitted its report to the Prime Minister’s Office.
Asked if this will be an all-new policy regime, sources said it should be termed as further liberalising the exploration conditions with measures to enhance domestic production of oil and gas — putting on offer some existing fields owned by PSUs and incentivising ONGC to improve enhanced oil recovery from its existing fields.