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?

The Petroleum and Natural Gas Regulatory Board (PNGRB) regulates midstream and downstream activities, specifically the refining, storage, distribution, marketing, and sale of petroleum products (Activities II and III). Activities I and IV involve the "production" (upstream sector) of crude oil and natural gas, which falls under the jurisdiction of the Directorate General of Hydrocarbons (DGH) rather than the PNGRB. The core concept being tested is the functional distinction between upstream exploration/production and downstream processing/marketing regulatory frameworks in India's hydrocarbon sector.