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India: New Delhi clears E&P activities on another 25 oil and gas blocks

23rd April 2013

The New Delhi government’s CCI overrules security restrictions from ministry of defence to approve a further 25 oil and gas blocks for exploration and production activities

India clears E&P activities on another 25 oil and gas blocks
E&P activities at the blocks could now pave the way for USD 13.42bn in investment

The New Delhi government, through its Cabinet Committee on Investment (CCI), has cleared another 25 blocks for oil and gas exploration in the country, the Indian government said in a written statement on Monday.

 

E&P activities at the blocks had been initially delayed due to security restrictions imposed by the ministry of defence, but could now pave the way for USD 13.42bn in investment and an additional USD 2.5bn over the next 3-5 years in exploration activities, according to the government.

 

“Out of total [sic] 40 blocks, 31 blocks have been cleared by CCI at its meetings held on 20th March, 2013 and 22nd April, 2013, which will put to use an investment of USD 13.42bn on oil and gas exploration,” the government statement read.

 

Out of 31 blocks already cleared – one additional block was cleared by the ministry of commerce –, 9 blocks have been fully cleared and 16 blocks have been cleared with specific conditions. The committee on 20 March approved five oil and gas blocks while rejecting three others.

 

CCI was formed in December to speed projects facing delays in getting clearances from ministries. The panel on 30 January had considered 40 delayed offshore oil and gas blocks for approval, after they had been auctioned to energy companies.