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New Delhi, June 29 The Minister of Petroleum and Natural Gas, Mr Murli Deora, said that his Ministry has empowered the boards of state-owned oil marketing companies to approve the strategy paper for crude imports.

Chairing the Parliamentary Consultative Committee (PCC) meeting here on Thursday evening, he said “to empower the state-owned oil marketing companies to compete in a global as well as domestic market, the Ministry has changed policy for importing of crude oil.”

In the past, oil marketing companies were forwarding their strategy paper for import of crude oil to the Ministry for approval.

The Government after examining the issue has decided that effective from 2007-2008, the boards of PSUs would approve the strategy paper for import of crude oil subject to guidelines issued by the Ministry from time to time on a pilot basis for one year.

The board would review the actual crude oil import vis-À-vis the strategy paper approved by it on a quarterly basis and provide an annual review report to the Ministry at the end of the year on the effectiveness of the policy.

Regarding the exploration activities, he informed that preparation for offering 60-70 exploration blocks under the seventh round of New Exploration Licensing Policy (NELP) is in progress.

The offering of blocks is likely in August 2007, he informed the members of the PCC.

During 2006-07, the Government of India concluded the highest-ever award of 52 exploration blocks under NELP-VI.

Under NELP, so far, the Government has awarded 162 exploration blocks. So far, 42 hydrocarbon discoveries have already been made in Cambay onland, North East Coast and Krishna-Godavari deepwater areas in NELP blocks, for which, development plans by the operators are in progress.

The Minister also said that the Government is committed to protect the interest of the common man by ensuring equitable burden sharing of the impact of rising global oil prices. He said that the oil prices in the international market continue to be volatile.

More Stories on : Petroleum | Exports & Imports

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