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Moily assures 3 oil giants of resolving pending issues: Media Reports

By Religare

Oil Minister Veerappa Moily has assured three major private oil firms including Cairn India, Reliance Industries and BP that their pending issues would be resolved soon, executives of the exploration firms told media.

The oil minister heard the companies' view on issues such as the CAG's audit of Reliance's KG-D6 block, approvals to increase output from Cairn's oilfield in Rajasthan, and long-pending clearance for pricing of coal bed methane, the report stated.


"We discussed outstanding issues and the meeting was very constructive and positive. It is surprising that the minister gave us time in less than 20 days of assuming the office. This was difficult in the previous regime," an executive told media.

In the meeting, Cairn India sought the minister's intervention to reduce bureaucratic delays, which are holding it back from raising the Rajasthan block's output from 175,000 barrels per day to 300,000 bpd. RIL and BP held discussions together with Moily as the two companies are partners in several blocks.

Story first published: Monday, November 19, 2012, 14:30 [IST]
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