Ending months of logjam over discoveries mired in contractual disputes, the government has cleared 30 projects of firms like Cairn India and ONGC to help monetise about 2.6 trillion cubic feet of gas
Ending months of logjam over discoveries mired in contractual disputes, the government has cleared 30 projects of firms like Cairn India and ONGC to help monetise about 2.6 trillion cubic feet of gas reserves.
Oil minister Dharmendra Pradhan said the government has approved a policy framework for relaxation, extensions and clarifications in timelines that will grant operational flexibility to help produce oil and gas from several discoveries that are mired in contractual disputes. “I am happy to share that after this approval, within a span of less than 3 months, 30 long-pending issues have been resolved. This is expected to result in exploitation of about 34 million barrels of oil and about 0.7 Trillion cubic feet of gas,” he said at Geo India Conference.
Operational flexibility has been provided in en-forcing contracts by way of relaxing timelines prescribed for discoveries so that E&P activities do not suffer on account of excessive rigidity in decision making.
