India's Ministry of Petroleum and Natural Gas orders oil and gas firms to share supply data
→Refiners' and importers' reporting teams must file regular supply data to PPAC
Change
India's Ministry of Petroleum and Natural Gas has mandated that producers, refiners, importers and distributors must submit regular production, import, stock and consumption data to the Petroleum Planning and Analysis Cell (PPAC) under a government notification.
Why it matters
The Petroleum Planning and Analysis Cell (PPAC) is designated to collect and analyse detailed production, import, stock and consumption reports. PPAC will use the collected dataset to establish a centralised monitoring system for the petroleum and natural gas supply chain in the public interest.
Implications
- — Compliance teams at oil and gas producers, refiners, importers and distributors in India must begin submitting the mandated periodic production, import, stock and consumption reports to PPAC immediately — failure to file the required reports will constitute non-compliance with the ministry notification and expose the firm to regulatory enforcement risk.
- — Reporting and IT teams at oil and gas producers, refiners, importers and distributors in India must operationalise scheduled data feeds and internal extraction routines now to meet the notification's regular-interval reporting — missing scheduled submissions will create reporting gaps that count as breaches of the order.
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Source
View on Economic Times