Saturday 2 June 2012

Government Constitutes a Committee Under the Chairmanship of Dr.C.Rangarajan to Review PSCs

Government has constituted a Committee under the Chairmanship of Dr. C. Rangarajan, Chairman, PM’s Economic Advisory Council with the following terms of reference:-
i)          Review of the existing PSCs, including in respect of the current profit-sharing mechanism with the Pre-Tax Investment Multiple (PTIM) as the base parameter and recommend necessary modification for the future PSCs;
ii)          Exploring various contract models with a view to minimize monitoring of expenditure of the contractor without compromising, firstly, on the hydrocarbons output across time and, secondly, on the Government’s take;
iii)         A suitable mechanism for managing the contract implementation of PSCs which is being handled at present by the representation of Regulator/Government nominee appointed to the Management Committee;
iv)         Suitable governmental mechanisms to monitor and to audit Government of India (GOI) share of profit petroleum;
v)         Structure and elements of the Guidelines for determining the basis or formula for the price of domestically produced gas, and for monitoring actual price fixation; and
vi)         Any other issues relating to PSCs.
2.         The members of the Committee are as under:-

Shri B.K. Chaturvedi, Member Planning Commission

Justice Shri Jagannadha Rao, Former Judge of the Supreme Court

Prof. Ramprasad Sengupta

Shri J.M. Mauskar, Former IAS Officer

Shri Joeman Thomas, Former MD, ONGC Videsh Ltd.

3.         The Committee will submit its recommendations by 31.08.2012

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