, Chairman, Economic Advisory Council to the Prime Minister to look into the Production Sharing Contract Mechanism in petroleum industry, submitted recently to the Prime Minister, has been made available in the public domain, on the website of the Economic Advisory Council (). Members on the committee were Justice , B.K. , Prof. , J. M. and Thomas; Dr. K. P. Krishnan was convener, and was secretary to the committee. Highlights of the report’s recommendations are given below:
of delay on the part of the contractor in preparing for and seeking approvals, and for minor technical issues, the mandate of the existing Empowered Committee of Secretaries (ECS) can be expanded. The ECS has earlier been empowered, with CCEA approval, to condone delays in the exploration phase only.