VEDANTA RESOURCE FOR AN INDEPENDENT REGULATOR FOR OIL AND GAS SECTOR

NEW DELHI: As government debates on gas price hike and a new contract for oil and gas exploration, Vedanta Resource today said domestic rates should be linked to international markets and an independent regulator be set up.

Speaking at an Oil & Gas Seminar organised by Indian Chambers of Commerce, Vedanta chief executive Tom Albanese said “the current policy environment fostered uncertainty and did not encourage intensified exploration and production of domestic resources.”

He, however, backed the Oil Ministry move to replace the controversial Production Sharing Contracts (PSC) for oil and gas exploration with simpler revenue-sharing regime.

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