The government is facing a fall in tax collections and lower receipts from share sale in state-run companies on account of an economic slowdown.
The suggestion is based on Andhra Pradash's demand that it should have a share in output from Reliance Industries-operated KG-D6 block, off the Andhra coast.
He is now back in India after a visit to the US for personal reasons and is expected to take up a job -- chief executive officer for Punj Lloyd.
Officials said Kelkar was appointed as a head of a committee by Oil Minister Veerappa Moily to recommend ways to increase oil and gas output.
State-run oil company ONGC and United Arab Emirates’ investment firm Mubadala may jointly invest in upstream projects in third countries.
OVL and MRPL may also have an additional board position for the director-business development (BD), oil ministry and company officials said.
The lawyer-tuned politician has headed five crucial ministries in less than five years. He now heads the contentious environment ministry.
DGH has proposed stringent norms for extending oilfield contracts of private firms, demanding they should raise the state's share of profit by 5%.
Gail will require at least five ship to bring about 5.8 million tonnes of gas every year from the US.
The oil ministry is transferring cash subsidy for cooking gas in bank accounts of more than 10% of all customers in Delhi and Mumbai.
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