The Petroleum and Natural Gas Ministry has constituted a committee to frame a draft policy on granting extension to production sharing contracts (PSCs) awarded to private joint ventures where the economic life of the field is not yet over when the PSCs get due for expiry.

The decision to constitute the committee comes in the wake of representation by the industry.

The panel will be headed by Additional Secretary and Financial Advisor to Petroleum Ministry S.C. Khuntia, and comprise the Director-General of the Directorate General of Hydrocarbons (DGH), Joint Secretary (Exploration), Joint Secretary (P-II) Ministry of Finance, Advisor (Energy), and Deputy Legal Advisor, Ministry of Law and Justice.