An experts´ panel on petroleum reforms, headed by Vijay C Kelkar, former Union finance and petroleum secretary, has recommended continuing with the existing production-sharing contract (PSC) regime in the hydrocarbon sector, opposing the Rangarajan-proposed revenue-sharing contract (RSC) model.
The panel´s report, Road map for reduction in import dependency in the hydrocarbon sector by 2030, has made a total of 52 recommendations, based on 30 meetings held over 18 months. It was set up in 2013 and gave its first report in January this year. The final report follows a consultation paper in August, seeking comments from stakeholders. Its suggestions, the panel says, have the potential to bring down India´s annual oil import bill by $70-80 billion, around half the present total.
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