Business

Oil Ministry forms panel to codify discovery-recognition norms

PTI

Amid disputes over recognition of oil and gas finds, the Oil Ministry has formed a panel headed by the Director General of Hydrocarbons (DGH) to codify globally recognised industry practices for adoption in India.

Though Production Sharing Contracts prescribe the adoption of generally accepted international petroleum practices or standards, there have been disputes between the DGH and operators such as Reliance Industries over tests that should be carried out to confirm discoveries.