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<p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">The oil ministry has constituted a ten-member expert group headed by the directorate general of hydrocarbons, which will identify international best practices in petroleum exploration and implement them in the country. The move will increase predictability in decision-making and reduce arbitrariness of bureaucrats, which will check rising cases of arbitration, oil ministry officials said. </span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">&quot;Codification of these standards will render objectivity to the decisions of the regulator, operator and other stakeholders. Further, such a code will impart stability to contract management under the PSC (production sharing contract) regime,&quot; a government order said.&nbsp;<br /> <br /> The standing committee on petroleum industry practices will identify areas requiring codification of good international petroleum industry practices (GIPIP) and prepare national codes for petroleum operations, it said. The panel will review codes in every two years and update them in line with evolution of international standards, it said. The committee is expected to complete its first report in three months. </span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Government officials from ministries of petroleum, defense, environment and forest and the Planning Commission are members of the expert group. It also has industry representation from ONGC and Association of Oil and Gas Operators.</span></span></span></p> <p style="text-align:justify"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">Source-On Request</span></span></span></p>