Government has proposed to free natural gas pricing and replace Production Sharing Contract (PSC) with simpler revenue-sharing regime for all future field auctions. Government plans this path-breaking reforms in oil and gas exploration because current rates are considered too low to support exploration and production cost. <br/><br/>Petroleum Ministry said yesterday that it also plans to offer a unified licence to allow companies to explore oil and gas, shale reserves and coal-bed methane in its area. In September, the government had allowed pricing freedom for the gas produced from 69 small and marginal fields it plans to auction shortly.