The Prime Minister Dr Manmohan Singh has appointed a committee to look into the design of future production sharing contracts in hydrocarbon exploration in the country. The five member committee will be headed by Prime Minister's Economic Advisory, Dr C Rangarajan. Other members of the committee include B.K. Chaturvedi member, Planning Commission, Justice Shri Jagannadha Rao, Former Judge of the Supreme Court, Prof. Ramprasad Sengupta, Shri J.M. Mauskar, former IAS Officer and Shri Joeman Thomas, MD, ONGC Videsh Ltd. The Committee is to look into all modifications necessary for future production sharing contracts so as to enhance production of oil and gas.

In an official release, the government said 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), there is a need to look into how the policy design has impacted oil and gas exploration and production.