India's Hydrocarbon Outlook – 2022-2023

123 DGH: 3 DECADES OF UNLOCKING INDIA'S HYDROCARBON POTENTIAL As per directives of 2021, E&P Operators in the country need to undertake Estimation, Classification, Categorization, Auditing and Reporting of all hydrocarbons reserves and resources in accordance with PRMS standard and furnish reports & data to DGH as of 01.04.2021 and onwards annually. It has also been made mandatory for all technical submission such as “Declaration of Commerciality, Field Development Plan (FDP) and RFDP, project status and chance of commerciality” to conform the PRMS from 1st April 2023 onwards. DGH has fully introduced the PRMS standard, which is considered the basis of Good International Petroleum Industry Practices (GIPIP). E&P companies in the country are advised to fully adopt and comply the PRMS standard.