(ET)
With overhang of disputes choking investments in the oil and gas sector, the government has constituted an expert committee for time-bound resolution of exploration and production disputes without having to resort to tardy judicial process. The ‘Committee of External Eminent Persons/Experts’ for dispute resolution will comprise former oil secretary G C Chaturvedi, Oil India Ltd former head Bikash C Bora and Hindalco Industries Ltd Managing Director Satish Pai, according to an official notification.
The panel will have a tenure of three years and the resolution will be attempted to be arrived at within 3 months. India’s oil and gas sector has been plagued by disputes from cost recovery to production targets, and companies as well as the government have resorted to lengthy and costly arbitration followed by judicial review — a process that takes years to resolve differences.
