Report of the Working Group on Petroleum and Natural Gas for the Tenth Five Year Plan

Abstract

The Approach Paper to Tenth Five-year Plan prepared by the Planning Commission has been approved by the National Development Council. The thrust of the Plan is more on reforms rather than on mere resource mobilization for faster economic growth. Thus, the Plan aims al higher growth, greater equity and sustainability in which energy, particularly hydrocarbons assumes critical importance. The hydrocarbon sector is poised to face dismantling of the APM by 1.4. 2002 and take a bold step into the future under the ensuing competitive market conditions. However, the challenges of globalization and high and volatile oil prices worldwide make the task of reform in hydrocarbon sector all the more daunting. Yet these arc indispensable policy factors that need to be addressed effectively. Keeping in view these considerations, this report has analyzed the emerging trends in the hydrocarbon sector and outlined the medium term strategics for development during the Plan.