Millennium Post

Moily appoints Rajan to Kelkar oil & gas panel

Oil minister M Veerappa Moily has appointed Raghuram Rajan, the chief economic adviser in finance ministry as member to a panel headed by economist Vijay Kelkar which is preparing roadmap for enhancing domestic oil and gas production.

Besides Rajan, he has also appointed A K Jain, advisor (Energy) in Planning Commission as member to the Kelkar panel, official sources said.

The panel is to prepare a roadmap for enhancing domestic production of oil and gas so as to substantially reduce the nation's import dependency by 2030.

India currently imports 80 per cent of its oil needs and about half of its natural gas requirement. Moily wants to cut down reliance on imports to half by 2020 and becoming self reliance by 2030.

The Kelkar committee, which also comprises Deepak Parekh, chairman of Housing Development Finance Corporation; Vikram Mehta, former chairman of Shell India; R S Sharma, former chairman of ONGC, Arindam Bhattacharya of Boston Consulting Group; S V Rao, former director (Exploration) of ONGC and Ajit Kapadia of the Hindustan Oil Exploration Company (HOEC), is to submit its report by August.

Sources said the panel has had two meetings and is scheduled to have the next meeting in May.

The panel has been asked to suggests steps to be taken for enhancing domestic oil and gas production from the unconventional energy sources and institutional mechanism (required) for appraisal of Indian sedimentary basins to the extent of 75 per cent by 2015 and 100 per cent by 2025.
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