The hydrocarbon authority will inherit the advisory, regulatory and development functions of the directorate-general of hydrocarbons.
The authority will oversee implementation of exploration contracts awarded to the private sector.
It (the authority) will also provide technical support and advice to the ministry of petroleum and natural gas on issues related to exploration and optimal exploitation of hydrocarbons besides helping the ministry strategise exploration of oil and gas abroad, a government spokesman said.
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The Cabinet also approved an exp-erimental crop insurance scheme and an ex-gratia payment of Rs 500 crore for 1996-97 to 800,000 employees of 50 PSUs which are not covered by the Bonus Act.
A decision to revamp the 135-year-old admiralty law was also cleared.
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