The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved award of five oil and gas blocks to the successful bidder under ninth round of New Exploration Licensing Policy (NELP).
CCEA cancelled allotment of two blocks (CB-ONN-2010/8 and CB-ONN-2010/9) to Sankalp Oil and Natural Resources Ltd. Sankalp Oil were awarded three blocks then. However, the company signed PSC for only one.
The cancellation of award of two blocks under NELP-IX would be a deterrent for non-serious bidders, Government said in a statement.
The CCEA had in March approved allotment of 16 blocks and rejected bids for 11 blocks. Production Sharing Contracts (PSCs) were signed for 13 blocks.