CCI gives 30 days to get oil blocks out of MoD fire

Jan 31 2013, 04:06 IST
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SummaryThe Cabinet Committee on Investment on Tuesday asked the oil and defence ministries to sort out the issues concerning pending defence clearances for several oil and gas blocks and report back to the committee within a month.

permanent structure after the exploration and that fresh security clearance is required for the different kinds of vessels used in survey, exploration and production, sources privy to the development said. The ministry also said that another seven blocks that were also classified as no-go areas would continue to be so.

The roadblock on exploration activities had adversely affected investor interest in India\'s recent auctioning of oil and gas blocks. It also came in the way of India\'s efforts to reduce import dependence on crude oil and natural gas. India imports about 70% of its crude oil requirement and close to a fourth of the natural gas consumed in the country. The energy crisis that is gripping Asia\'s third-largest economy also casts serious doubts about its ambition to double the share of manufacturing output in its gross domestic product to 32% by 2020.

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