Consider the following activities: I. Production of crude oil. II. Refining, storage and distribution of petroleum. III. Marketing and sale of petroleum products. IV. Production of natural gas. How many of the above activities are regulated by the Petroleum and Natural Gas Regulatory Board in our country?

I. Production of crude oil — PNGRB does not regulate upstream exploration/production of crude oil. That remains outside its core mandate. Verdict: Incorrect.

II. Refining, storage and distribution of petroleum — PNGRB regulates downstream activities such as refining-related mid/downstream aspects, storage, transportation/distribution of petroleum and petroleum products. Verdict: Correct.

III. Marketing and sale of petroleum products — The Board regulates entities for marketing/distribution of petroleum products under the PNGRB Act. Verdict: Correct.

IV. Production of natural gas — Production of natural gas is an upstream activity and is not regulated by PNGRB. Verdict: Incorrect.

So, only two activities are regulated by the Petroleum and Natural Gas Regulatory Board.