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Leeway proposed for exploration projects in existing oil and gas fields

Creamer Media Correspondent
The Indian government is likely to permit existing oil and gas field operators to undertake new exploration projects within their existing licensing area even as it goes ahead to woo new investors through auction of 55 discovered oil and gas fields. In a leeway to be offered by the Directorate of Hydrocarbons, existing oil and gas field operators would be permitted to undertake exploration projects in their existing licensing area and allowed to defray costs of such projects from current revenues if the exploration fails to establish new recoverable reserves, official familiar with the development said.

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