The Ministry of Petroleum and Natural Gas has reconstituted the high-level Committee of External Eminent Persons for Dispute Resolution in India’s petroleum and natural gas sector.The reconstituted panel has been formed to facilitate conciliation and mediation in disputes arising from contracts related to exploration blocks and hydrocarbon fields in India.It is being viewed as part of the Centre’s broader effort to ensure faster settlement of disputes, reduce prolonged litigation and improve investor confidence in the energy sector at the time of a raging West Asia crisis.Three former officials and experts included in the committee are retired bureaucrat Rajiv Bansal, who was former Secretary in the Ministry of Civil Aviation; Barnali Barua Tokhi, former Managing Director of Bharat Petroleum Resources Ltd; and Deepak Mishra, former Director and Chief Executive Officer of Indian Council for Research on International Economic Relations (ICRIER).The committee will function as an independent mediation and conciliation body for resolving disputes in the exploration and production sector. The members will have a tenure of three years from the date of notification this week.However, the Centre has retained the authority to remove any member at any time without assigning reasons. Members will also be eligible for extension of tenure.The notification specifies the need for all members “to stay impartial” with the committee granted extensive powers to conduct mediation and conciliation proceedings under the provisions of the Arbitration and Conciliation Act, 1996.The order says the panel should achieve settlement agreements between disputing parties within three months from the date of its first meeting.The government has further permitted the committee to seek assistance from third-party expert agencies whenever required for technical or specialised matters. Members will also receive reimbursement for travel expenses and an honorarium of Rs 20,000 per hearing.