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New Delhi, Nine rounds, 302 blocks and 164 discoveries may sound promising, but fifteen years into the New Exploration Licensing Policy (NELP) regime, only six blocks have started production, according to Ministry of Petroleum and Natural Gas data. This, at a time when the Petroleum Minister M Veerappa Moily is batting for the 10th round of Nelp next year.
“The producing blocks include three by Reliance Industries ( RIL) in KG- D6 ( D1, D3 and D 26), a couple of blocks by Niko in Cambay and one block by ONGC, of the total 164 discoveries. Apart from this, all other blocks have comparatively lower reserves and are potentially not so feasible for production. Since many of them are gas discoveries, these companies may be waiting for a price rise for economic viability,” said asenior petroleum ministry official.BUSINESS STANDARD .
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