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 | Member | |
Justice Shri Jagannadha Rao, Former Judge of the Supreme Court | Member | |
Prof. Ramprasad Sengupta | Member | |
Shri J.M. Mauskar, Former IAS Officer | Member | |
Shri Joeman Thomas, Former MD, ONGC Videsh Ltd. | Member |
3. The Committee will submit its recommendations by 31.08.2012
