It has recommended short term, medium term and long term strategies in the report, clearly bringing out the strategy to reduce the import dependency of the nation. Ministry of Petroleum and Natural Gas will consider the recommendations submitted by the Committee while formulating policies.
The High-Level Committee was constituted to examine the issues relating to the preparation of action plan to create synergy among Research and Development Centres of Oil and Gas Public Sector Undertakings, tax issues and ways to benefit from GST by the Oil and Gas PSUs.
It also looked into merger, acquisition and consolidation of Oil and Gas Public Sector Undertakings and the Joint Ventures. It explored the need and possibility of formation of new entity dealing with oil services and supply of qualified manpower to the Oil and Gas sector around the world. The High-Level Committee consisted of Dr Anil Kakodkar, eminent Scientist and Sidharth Pradhan, an expert on financial and tax issues.
The Committee, in the process, visited, different Research and Development and training institutes of different oil and gas PSUs. It also engaged with CMDs/senior executives of the Oil sector to understand the business, challenges and opportunities in the sector before writing its recommendations.