CCI meets today to start work on clearances

The newly-formed Cabinet Committee on Investments (CCI) will meet today for the first time, and on top of the agenda is to get clearances from the defence ministry for 47 oil and gas blocks. The oil ministry says this will help in freeing up USD 13.5 billion of investments that companies have so far made, but now blocked on lack of clearances from the defence ministry.

The oil ministry fears the lack of clearances could lead to an exodus of investors. The ministry is pegging an immediate investment of USD 2.5 billion and says this will grow manifold once companies start making discoveries in these 47 blocks.

The oil ministry is seeking a nod for 14 blocks that have been objected to by the defence ministry as well the relaxation of conditional approvals given for 32 blocks.

On stake are 22 of ONGC's blocks, 15 of RIL-BP and 5 of BHP Billiton besides others like of Cairn, Santos etc.

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