Reports suggest that the Cabinet Committee on Investments would deliberate on giving approval to investment in several oil and gas blocks that are struck because of lack of statutory clearances.
CCI would meet on January 15 to deliberate on stalled infrastructure projects. According to union oil ministry, around 47 oil and gas blocks require clearances, mainly from the defense ministry. For example, 14 blocks have been outrightly rejected by the defense ministry.
For 32 blocks, the defense ministry has given only a conditional clearance. The oil ministry wants relaxation of those conditionalities.
Union commerce ministry has put on hold exploration in an ONGC-GSPC block. The oil ministry will also seek clearance for that block.
The oil ministry will also make a point to the Cabinet Committee on Investments that this is about India losing its face all of these blocks were awarded under New Exploration Licensing Policy (NELP) and enough road shows took place around the world for these blocks and investors were promised that all clearances are in place.
Experts feel that timely clearance of investment in these blocks is required in order to prevent adverse effect on investor sentiment in the sector.
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