oil and gas
NEWS

Vedanta to start oil & natural gas exploration in Tripura

The Union petroleum ministry has asked the private sector oil and natural gas exploration company to apply for a statutory licence in this regard

Agartala: The Centre has given its nod to Vedanta Limited, a private sector oil and natural gas exploration company, to start exploring in Tripura along with Oil and Natural Gas Corporation Limited (ONGC) and North Eastern Electric Power Corporation Limited (NEEPCO).

In a notification issued by the Ministry of Petroleum and Natural Gas to the chief secretary of Tripura, LK Gupta, the Centre mentioned that it has signed 55 revenue sharing contracts with companies who were awarded petroleum exploration blocks under the first round of Hydrocarbon Exploration and Licensing Policy (HELP) and Open Acreage Licensing Policy (OALP) for exploration and production of crude oil and natural gas.

The Union ministry has also asked the state to facilitate investment in the project in order to meet the objective of expediting exploration and production of oil and natural gas.

Meanwhile, the petroleum ministry has asked Vedanta to apply for a statutory license in order to start exploration in the state of Tripura.

The announcement has come just days after Tripura chief minister Biplab Kumar Deb met Union petroleum minister Dharmendra Pradhan in New Delhi and asked for the Centre’s approval on the same.