"The Vision 2025 group will submit its report to the Prime Minister by December end. Then only any major changes would be thought of in the petroleum sector," Naik told PTI in an exclusive interview while describing the group as a `think tank' of the petroleum ministry.

Asked about finalisation of contracts for the oil exploration bids received under the new exploration licencing policy (NELP), Naik said one of the subgroups of Vision 2025 was looking into it and added "our priority is to finalise the contracts as early as possible."

Against the 48 blocks offered under the NELP, bids for 27 blocks were received in August last and the government is processing the offers for an early decision.

Naik said a process would be followed in finalisation of contractsin which everyone who quoted for the blocks would get an opportunity, but added that national oil companies would get "preference" in case all the things were equal.

Stressing on intensifying efforts to enhance exploration and production of crude within the country in the face of an estimated Rs 54,000 crore oil import bill for the current financial year, he said, "national oil companies too will have to compete."

Naik said that any decision on restructuring of the oil companies, particularly the stand-alone refineries, on the basis of the Nitish Sengupta committee recommendations would also be taken only after the Vision 2025 report was submitted to the government.

The Vision 2025 group, comprising ministers of finance, petroleum, external affairs and the Deputy Chairman of the Planning Commission, had constituted six sub groups to study various aspects of the petroleum sector including refinery, marketing, transportation, exploration and production of oil etc.

These sub groups were getting richinputs from experts in the fields of finance, administration and oil sector and the report would give the government a far reaching vision of the oil sector and the steps needed for much needed oil self sufficiency and security in the country.

Naik said the government would adopt an integrated approach on the oil sector and the Nitish Sengupta committee recommendations were being looked into by one of the sub groups of Vision 2025. The petroleum Minister, who took charge of the crucial ministry only 42 days ago, said that he would finalise short-term and long term measures on the basis of the report for developing the oil sector, while attaching the highest priority to exploration and production of crude within the country.

Asked about the restructuring of equity pattern of Petronet LNG, a consortium promoted by four national oil companies, Naik said "the group would also look into it and we will examine it once it gives its final report."