Gazprom granted more time to complete exploration work

NEW DELHI: The government on Saturday allowed Russia's Gazprom to carry out exploration work over 18 months to make up for delays in work already allotted.

Gazprom was an operator under the NELP-1 round of auction of oil and gas blocks in the north east coast, but its work had run into delays.

The decision to grant special dispensation for Gazprom, instead of slapping a fine, was taken by the Cabinet Committee on Economic Affairs here today.

"There is no financial involved on behalf of the government. The Contractor under the Production Sharing Contract have commitments to carry out exploration work programmes which may lead to discoveries of hydrocarbons," an official statement said.