The Ministry of Petroleum and Natural Gas has formed a committee to review existing production sharing contracts (PSC) and suggest changes in their implementation to boost domestic crude oil and natural gas output.
“In view of the current low oil and gas price environment, there is a need to find innovative ways of attracting investment in exploration, development and production of oil and gas,” the Oil Ministry order for setting up this committee said.
Production sharing contracts (PSC) were signed with project developers that were awarded under the New Exploration and Licensing Policy (NELP) and pre-NELP regimes. There have been 310 PSCs signed by the government till now.
