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This is an archive article published on November 26, 2002

CCEA clears 23 blocks under NELP

Cabinet Committee on Economic Affairs CCEA on Monday approved award of 23 oil and gas blocks including 13 to Oil and Natural Gas Corp and ...

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Cabinet Committee on Economic Affairs CCEA on Monday approved award of 23 oil and gas blocks including 13 to Oil and Natural Gas Corp and nine to Reliance Industries from the third offering under New Exploration Licensing Policy NELP.

Petroleum Minister Ram Naik is understood to have informed the CCEA meeting that the minimum committed investment in the first exploratory phase would be around 415 million The meeting was chaired by Prime Minister Vajpayee here.

Naik is understood to have informed the Cabinet that fourth round of NELP would be announced by first week of April. With this government has awarded in all 70 blocks in three rounds of NELP as against 22 blocks awarded in last 10 years.

The government also approved the construction of second and third phases of the 164-km Udhampur-Srinagar-Baramulla rail line in Jammu and Kashmir.

The CCEA also approved the Rs 1,044.44 crore transmission system for evacuation of power from NTPC8217;s 1000 mw Rihand phase II super-thermal power project. The project to be implemented during the 10th Plan will be funded from domestic borrowings/bonds and internal resources of the PowerGrid. Of the total cost, Rs 835.56 crore will be sourced from domestic loans, and the remaining 20 per cent or Rs 208.88 crore from PowerGrid8217;s internal resources.

 

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