Govt clears 3-yr drilling moratorium for oil explorers
written by atul
at Thursday, July 8, 2010
Faced with global shortage of offshore drilling rigs, the government today decided to give a three-year drilling holiday or moratorium to firms such as state-run Oil and Natural Gas Corporation and Reliance Industries.
The Cabinet Committee on Economic Affairs (CCEA) meeting chaired by Prime Minister Manmohan Singh approved a drilling moratorium from January 1, 2008, on 30 exploration blocks -- 16 of ONGC, 13 of Reliance Industries (RIL) and one of Italy's Eni, official sources said.
Companies such as ONGC and RIL have not been able to meet their work commitments for the blocks they had won under the New Exploration Licensing Policy (NELP) rounds because of a crunch in availability of deep-sea drilling rigs.
A-36
Credits--www.Business-Standard.com
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