Explain the provisions related to combinations under section 5 of the Competition Act involving the Central Public Sector Enterprises (CPSEs) operating in the Oil and Gas Sectors.

In exercise of the powers conferred by Section 54(a) of the Competition Act, 2002, the Central Government in the public interest hereby exempts all cases of combinations under section 5 of the Act involving the Central Public Sector Enterprises (CPSEs) operating in the Oil and Gas Sectors under the Petroleum Act, 1934 and the rules made thereunder or under the Oilfields (Regulation and Development) Act, 1948 and the rules made thereunder, along with their wholly or partly owned subsidiaries operating in the Oil and Gas Sectors, from the application of the provisions of sections 5 and 6 of the Act, for a period of five years from the date of publication of this notification in the Official Gazette. The exemption, which was initially valid for five years until November 21, 2022, has been extended for another five years, now valid until November 21, 2027. Paving a way for fast-track consolidation in the oil and gas sector, the Ministry of Corporate Affairs, Government of India has exempted all cases of combinations involving CPSEs operating in OGS, along with their wholly or partly owned subsidiaries operating in OGS, from Section 5 and Section 6 of the Competition Act, 2002.