Production Sharing Contracts

Recently, a Committee headed by the Directorate General of Hydrocarbons (DGH) on policy for grant of extension to the Production Sharing Contracts (PSC) for small, medium-sized and discovered fields that were awarded to private firms in 1990s, has recommended a uniform 10-year extension but on revised terms and conditions.

Oil Ministry wants revenue sharing for future oil contracts

MRSC will replace the current practice of companies getting blocks by bidding maximum work programme and then recovering all of their investment before sharing profits with the government.

Ranga panel suggests average global prices for domestic gas

The Prime Minister-appointed Rangarajan Committee has suggested mandating a price of domestically produced natural gas at an average of international hub prices and cost of imported LNG instead of present mechanism of market discovery.

Gas price should be market determined: Mukesh Ambani

Mukesh Ambani has raised questions over government regulation of pricing of gas in the country and says that natural gas price for the agencies must be market determined.