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<p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">The high-level Vijay Kelkar Committee has favoured the current production sharing regime for high-risk deep sea oil and gas exploration over the revenue-sharing model that is being considered for the next round of auction. The panel submitted the first of its two-part report on a road map to enhance domestic oil and gas output to oil minister M Veerappa Moily this week.</span></span></span></p> <p style="text-align: justify;"><span style="color:#696969"><span style="font-size:11px"><span style="font-family:arial">While the first part of the report deals with &lsquo;Quick Fixes&rsquo; such as shifting to an open acreage regime, setting up a data repository, administering signed contracts and strengthening the DGH, the second part covers pricing and taxation. Part two of the report is expected to be submitted next month, sources said.</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>