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India approves five blocks for exploration

22nd March 2013

Panel headed by prime minister Singh to overcome approval delays for 39 offshore oil and gas blocks

India approves five blocks for exploration
Some USD 10.71bn have been invested in the five blocks, in addition to USD 600m in the next few years

A panel led by Indian prime minister Manmohan Singh has given a green light to exploration activities on five oil and gas blocks while rejecting three others. The panel has been created to overcome delays faced by state-run and private companies during the approval process.

Some USD 10.71bn have been allocated for the five blocks, in addition to USD 600m in investment in the next few years, the panel said in a statement on Wednesday.

The panel is known as the Cabinet Committee on Investment and was formed in December to speed projects facing delays in getting clearances from ministries. The panel on 30 January had considered 39 delayed offshore oil and gas blocks for approval, after they had been auctioned to energy companies.

The Cabinet Committee on Investment did not disclose to which companies the five blocks had been awarded. No date has yet been set to discuss the remaining 31 blocks.