Govt clears 18 oil projects

New Delhi, May 15: The Union petroleum ministry has approved 18 production sharing contracts of the unincorporated joint ventures between national oil companies and the private sector. The nods, which were hanging fire for the last three years, pave the way for a total foreign investment of 40 million in oil exploration and production.

The clearances include the production sharing contract of the Command Petroleum and Tata Petrodyne joint venture for exploring for oil at the Cambay offshore, along with the contract of Samson International Limited of the US and 16 others. The approvals are among a host of clearances announced recently for foreign investment proposals, including counter-guarantees for three fast track power projects, with overseas equity participation. Over the last two weeks the BJP led coalition government has also approved prospecting licenses of 11 foreign investors, eager to explore for minerals in the country.