A high level committee appointed to make strategies to reduce crude oil imports

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A high-level committee appointed by the Ministry of Petroleum and Natural Gas has recommended a higher natural gas price for producers from existing discoveries among measures to bring down India’s dependence on crude oil imports.

The High-Level Committee constituted by the Centre consisted of Dr. Anil Kakodkar, an eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.

The committee was formed to discuss research-related synergies and tax issues for state-run oil companies. It also explored the need and possibility of formation of new entity dealing with oil services and supplyof qualified manpower to the oil and gas sector around the world. It looked into mergers, acquisitions and consolidation of oil and gas public sector undertakings (PSUs) and the joint ventures.

The committee has recommended short-term, medium-term and long-term strategies in the report to help reduce the import dependency of the nation. The recommendation is significant as at present only new difficult discoveries have been allowed a higher price of natural gas by the Ministry.