India eases rules for old oil, gas blocks; to unlock $21 billion reserves

India eases rules for old oil, gas blocks; to unlock $21 billion reserves

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 Union Cabinet will help companies including Cairn India and Oil and Natural Gas Corp that are exploring blocks awarded before 1999.

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