The Indian cabinet Thursday allowed a three-year rig holiday for 30 deepwater blocks, giving more time to the three companies that were awarded the blocks in the country’s first five licensing rounds. Indian firms Oil and Natural Gas Corp. and Reliance Industries and Italy’s Eni now have until the end of December to complete exploration commitments that had been pending because of a shortage of rigs since 2007, the government said Thursday. The government penalizes firms that do not conduct promised drilling after winning an exploration block. “The proposal would be implemented immediately and the contractors would be asked to complete the drilling commitments during the moratorium period of three years,” the statement said.
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