Centre has appointed a five member committee to look into the design of future production sharing contracts in hydrocarbon exploration in the country. The committee appointed by the Prime Minister Dr Manmohan Singh, will be headed by Prime Minister's Economic Advisory Council Chairman, Dr C Rangarajan. The Committee is to look into all modifications necessary for future Production Sharing Contracts so as to enhance production of oil and gas and the Government's share of this while minimizing procedures for monitoring the expenditure of producers. It will also prepare 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.

An official release said, there is a need to look into how the policy design has impacted oil and gas exploration and production,in view of the considerable experience gained in awarding concessions for oil and gas exploration and production over the last 15 years under the New Exploration Licensing Policy (NELP). It said,the Prime Minister has approved the constitution of a Committee to review Production Sharing Contracts (PSCs) in Hydrocarbon exploration at the request of the Minister of Petroleum and Natural Gas. Other members of the committee include Planning Commission member,B.K. Chaturvedi ,Former Judge of the Supreme Court, Justice Jagannadha Rao, former IAS Officer Prof. Ramprasad Sengupta, J.M. Mauskar, and Managing Director of ONGC Videsh Ltd .