The Directorate General of Hydrocarbons (DGH) is unlikely to be upgraded into an independent statutory body like SEBI, given the stage of development of the oil and gas sector.
This was indicated here on Thursday by Minister of Petroleum and Natural Gas Dharmendra Pradhan while speaking at an event organized by industry body FICCI.
At present, DGH is charged with responsibilities such as implementation of New Exploration Licensing Policy (NELP), matters concerning the Production Sharing Contracts for discovered fields and exploration blocks, promotion of investment in E&P sector and monitoring of E&P activities including review of reservoir performance of producing fields.
In addition, DGH is also engaged in opening up of new unexplored areas for future exploration and development of non-conventional hydrocarbon energy sources like Coal Bed Methane(CBM) as also futuristic hydrocarbon energy resources like gas hydrates and oil shales. Read More