New Delhi:  Minister of State (I/C) for Petroleum & Natural Gas Dharamendra Pradhan informed the Lok Sabha that the projected domestic and oil /gas production is insufficient to meet the projected demand.  Under the PSC regime, the hydrocarbon discoveries made are required to be developed in accordance with the timelines specified in the PSCs. During the last three years (2011-12 to 2013-14) and the current year (2014-15, till date), a total of 40 discoveries (18 oil and 22 gas) have been made in onland and offshore areas by PSUs and Private/Foreign Companies.

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