HindustanTimes Tue,22 Jul 2014

BHP Biliton gives up nine oil and gas exploration blocks in India

Reuters  Perth, October 21, 2013
First Published: 18:37 IST(21/10/2013) | Last Updated: 23:35 IST(21/10/2013)

Global miner BHP Billiton said on Monday it has given up nine oil and gas exploration blocks in India due to its inability to carry out exploration operations there.


The company is withdrawing from those blocks because of delays in clearances, according to local media, but BHP would not confirm the reason for its decision to relinquish its interest.

"The decision to relinquish these blocks is the result of an exploration portfolio review ... there have been regular discussions and communications over the last 12 months with the ministry of petroleum and natural gas," BHP said in a statement.

BHP gave up its interest in six blocks awarded in India's NELP VII bid round, in which it held 26% interest and GVK held 74% interest as well as three blocks awarded in the NELP VIII bid round in which it held 100% interest.

BHP Billiton will keep its 50% interest in its NELP IX block, operated by BG Group.

more from Business

Walmart adds $102.9 million in Indian wholesale business in June

Walmart Stores Inc has infused fresh funds worth 6.2 billion rupees ($102.9 million) into its Indian wholesale business in June, according to a filing made by its Indian unit to the Registrar of Companies.
Most Popular
Copyright © 2014 HT Media Limited. All Rights Reserved