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RIL request government haste in approving oil and gas projects

03rd September 2013

India’s Reliance Industries have said five delayed oil and gas projects worth USD7.5bn need swift approval to help revamp Indian oil and gas production

Government officials say the projects have yet to be cleared because they are still being processed by the oil ministry.

Reliance Industries (RIL) have asked the Indian government to give a green light to five key pending oil and gas projects worth a combined total of USD 7.5bn, The Economic Times reported on Monday.

 

If approved, these projects have the potential to yield 30-40 million standard cubic metres per dayof gas, which translates into a 25 per cent increase in the country’s output in the next 4-5 years.

 

Government officials say the projects have yet to be cleared because they are still being processed by the oil ministry. They have also mentioned concerns about the commercial viability of the discovery.

 

The prime-minister-led Cabinet Committee on Investment (CCI) currently have 216 oil and gas projects waiting to be approved.

The New Delhi government created CCI in December 2012 in a bid to speed projects facing delays in getting ministerial clearances.

 

New Delhi is looking for new strategies to lower its oil import deficit. Two recent ideas have been to raise domestic gas prices from April 2014 and renew oil ties with Iran.

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