India Eases Rules For Old Oil, Gas Blocks; To Unlock $21B Reserves
NEW DELHI, March 22 (Reuters) – India approved a policy on Wednesday allowing extra time to contractors of old blocks to unlock oil and gas reserves of more than 426 million barrels, worth over $21 billion, as it seeks to cut its dependence on imports.
The policy approved by the Cabinet will help companies including Cairn India and Oil and Natural Gas Corp. that are exploring blocks awarded before 1999.
Prime Minister Narendra Modi’s Bharatiya Janata Party has been taking steps to boost local oil and…
