CCI asks Def, Petroleum Minis to resolve NELP issue in 1 month
New Delhi, Jan 30 : The high-profile Cabinet Committee on Investment (CCI) today directed Defence and Petroleum Ministries to discuss the New Exploration Licensing Policy (NELP) issue in the stalled 39 oil and gas blocks and resolve it within a month.
The CCI which met today for the first time, discussed the issues relating to exploration and production activities in 39 NELP oil and gas blocks.
The issues of the Ministries of Defence and Petroleum and Natural Gas were also discussed in detail, an official spokesman said.
"The CCI has directed that both Defence and Petroleum Ministries discuss the issue in detail and formulate solutions within a month to resolve the issue," the spokesman said.
The meeting was expected to push 15 billion US dollar investment in oil exploration.
The CCI which is chaired by Prime Minister Manmohan Singh, is empowered to clear investment bottlenecks.
Information and Broadcasting Minister Manish Tewari said the the CCI identified some problems and asked both Defence and Petroleum Ministries to resolve differences in case of 39 blocks.
The CCI was constituted last month to boost investment by improving investment climate in the country and fast track clearances for projects costing more than Rs 1,000 crore.
Besides the Prime Minister, the CCI includes 15 Cabinet Ministers.