Government plans to relax rules for oil and gas exploration licenses in time for the next bidding to attract global companies. Oil Minister S. Jaipal Reddy said in New Delhi that a more investor friendly regime both investment and from point of view of pricing will be put in place. Mr. Reddy said that the panel headed by C. Rangarajan Chairman of Prime Minister's Economic Advisory council will submit a report in the next few weeks suggesting improvements to the current exploration policy.Oil Secretary G.C.Chaturvedy said that from next exploration round the Oil ministry will obtain approvals from various ministries including Environment and Defence before the oil and gas blocks go under hammer.