RIL,ONGC get govt boost on drilling

Reliance and ONGC would have been penalised for not carrying out the drilling.

The Union cabinet on Thursday allowed a three-year rig holiday for 30 deepwater blocks,giving more time to the three explorers that were awarded the oil and gas blocks during the first five auction rounds to meet their drilling obligations.

Oil and Natural Gas Corp,Reliance Industries and Italy’s ENI SpA will now have time until end-December to complete their exploration commitments which have been pending due to a shortage of rigs since 2007,a government statement said on Thursday.

The government penalises firms that do not conduct the promised drilling after winning an exploration block.

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“The proposal would be implemented immediately and the contractors would be asked to complete the drilling commitments during the moratorium period of three years,” the statement said.

The rig holiday would be applicable from Jan 1,2008 for blocks where drilling commitments were pending as on Jan 1,2009,it added.

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