CCI nod to 13 power projects, 25 oil blocks - Indian Express

ENS Economic Bureau : New Delhi, Tue Apr 23 2013, 00:58 hrs The government cleared a slew of infrastructure projects in the power and the oil and gas sectors on Monday, entailing investments to the tune of over Rs 58,000 crore. In the oil and gas sector, the Cabinet Committee on Investment (CCI) cleared 25 exploration and production blocks out of the 31 blocks where work had been stalled on account of security restrictions imposed by the ministry of defence, freeing up an estimated $4.61 billion (about Rs 25,000 crore) of investments, according to an official statement. The panel also approved 13 power projects entailing investments worth Rs 33,000 crore that were stuck due to various reasons. The statement issued by the government after the CCI meeting did not give break-up of the oil and gas blocks cleared. The 31 blocks where restrictive conditions were imposed by the defence ministry included 13 of Reliance Industries-BP combine and 15 involved the state-owned Oil and Natural Gas Corporation. For these blocks, the defence ministry had imposed strict conditions such as requiring companies not to locate any pipelines or structures on the sea surface in the blocks cleared for exploration and production activities. Also, subsea/submerged permanent structures were to be located more than 100 metres below sea surface or outside the Defence Research and Development Organisation (DRDO)/ Indian Air Force (IAF) danger zone area (on sea surface) or Naval exercise areas. The oil industry saw these conditions as impractical and after discussions, the conditions have been partially diluted for now. "Out of 31 blocks, 9 blocks have been fully cleared and 16 blocks have been cleared with specific conditions. Due to clearances given at this meeting, investment already made to the extent of $2.71 billion will be put to use and further investment to the extent of $1.9 billion will be made in the exploration activities in the next 3-5 years," it said. ... contd. ALSO READ Launchpad: Nikon CoolPix A Sahara India under EPFO scanner for payment defaults Govt to align FDI rules with Companies Bill Power ministry says coal price pooling can hike electricity cost Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEkvi1lxepB9RhlMSRKIWUFN4lfCQ&url=http://www.indianexpress.com/news/cci-nod-to-13-power-projects-25-oil-blocks/1106229/

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