Sunday, 25 March 2012

"Sunday Special"Government approves allotment of 16 oil and gas exploration blocks

India's union cabinet has given its approval to the awarding of 16 oil and gas blocks, according to a new statement issued by the government.


 The number of oil and gas blocks for which the allocation has been approved is half of the blocks offered under its ninth exploration-licensing round. The Cabinet Committee on Economic Affairs The government has received 33 out of 34 blocks that were put under an auction in March 2011.

 According to the release, 8 of the blocks are deepwater, 7 are shallow water and 19 are located onshore. The government did not announce names of successful companies. The CCEA had received recommendations of the Empowered Committee of Secretaries (ECS) saying the cabinet committee should approve awarding of 16 blocks to the first ranked or single bidder.


 The cabinet did not given its approval to the allotment of 14 blocks due to lower profit petroleum to the government under the Ninth Round of the New Exploration Licensing Policy (NELP). The statement did not specify information for the remaining three blocks for which the bids were received by the government. It also announced the cancellation of award to local firms of two blocks that were offered in the eight round.
Source:topnews.in

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