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), established under the PNGRB Act, 2006, regulates the refining, processing, storage, transportation, distribution, marketing, and sale of petroleum, petroleum products, and natural gas, excluding the production of crude oil and natural gas. The production (upstream) activities of crude oil and natural gas are regulated by the Directorate General of Hydrocarbons (DGH) under the Ministry of Petroleum and Natural Gas. Therefore, only activities II (refining, storage, distribution) and III (marketing and sale) are regulated by PNGRB.