ONGC gets 24 exploration blocks, Reliance 7

New Delhi, Feb 8 (UNI) The government today awarded 52 oil exploration blocks under the sixth round of New Exploration Licensing Policy-IV with ONGC getting 24 blocks and Reliance Industries Limited (RIL) seven.

The oil consortium will get six blocks, Gujarat State Petroleum Corporation three blocks and the remaining 12 will go to others, Finance Minister P Chidambaram told reporters after the meeting of the Cabinet Committee on Economic Affairs that gave the approval.

The cost estimates given by the recommended bidders for their minimum work programme in the exploration phase will be taken as benchmark for allowing cost recovery.

This will help in accelerating exploration efforts in the country, and is expected to result in hydrocarbon reserve accretion, Mr Chidambaram said.

UNI