In December 2012, the Rangarajan Committee submitted its report on "Production Sharing Contract (PSC) Mechanism in Petroleum Industry". The report, inter- alia, recommended a formula for pricing of domestically produced gas.

This report prepared by the committee chaired by Dr. Vijay Kelkar includes a discussion of the economic foundations of Exploration and Production Contracts and an early action program drawn upon the analysis and inputs received from wide ranging consultations with stakeholders.

In view of the growing dependence of the economy of the country on import of crude oil and the fact that the highest consumption of diesel is by commercial vehicles i.e. 26.75% followed by 10.75% by buses/STUs, it has been felt imperative by the government to define fuel economy norms for Heavy Duty Vehicles (Trucks and Buses) in India.

This report prepared by the committee chaired by Dr. Vijay Kelkar includes a discussion of the economic foundations of Exploration and Production Contracts and an early action program drawn upon the analysis and inputs received from wide ranging consultations with stakeholders. Kelkar committee was set up by the Government of India to prepare a roadmap for enhancing domestic production of oil and gas and sustainable reduction in import dependency by 2030.

The “Indian Petroleum & Natural Gas Statistics” presents comprehensive statistics on various aspects of Indian Petroleum & Natural Gas Industries. The data on international developments in respect of the important segment of Petroleum and Natural Gas Industries have also been presented in the publication.

The government unveiled a draft new policy for private participation in exploration and exploitation of shale oil and gas in the country. The move is in line with the government policy of attracting private investment for achieving self-reliance in the indigenous production of oil and gas, according to the policy draft.

The “Indian Petroleum & Natural Gas Statistics” presents comprehensive statistics on various aspects of Indian Petroleum & Natural Gas Industries. The data on international developments in respect of the important segment of Petroleum and Natural Gas Industries have also been presented in the publication.

A working group on petroleum & natural gas sector for the 12th Fiver Year Plan (2012-17) has been constituted by the Planning Commission with participants from different departments of Government of India, energy experts and concerned public & private sector oil companies.

The “Basic Statistics on Indian Petroleum & Natural Gas, 2010-11” is the sixteenth in a series that was first released in 1996. It is a skeletal forerunner of the detailed annual Statistics Bulletin published regularly after the end of the financial year.