CCI clears 25 oil & gas blocks and 13 power projects - Angel Broking

The Cabinet Committee on Investment (CCI) has granted clearances to 25 oil & gas blocks worth Rs. 24,900cr. This is positive for companies such as Reliance Industries, ONGC and Cairn India as it will enable them to expedite exploration projects. Some of these blocks were stuck up as the Defence ministry had imposed stringent conditions that disallowed companies to locate any pipelines or structures on sea surface for exploration and production activities. We await further clarity on this. Until then, we maintain our estimates for our Oil & Gas coverage universe.

CCI has also approved 13 power projects, entailing investments worth Rs. 33,000cr which include 10 transmission, one hydro and two thermal projects. These projects were stalled as they were awaiting different types of approvals and clearances.

Source : Equity Bulls

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