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The Cabinet Committee on Economic Affairs(CCEA) today approved the following:
(i) to authorize ONGC Videsh Ltd. (OVL) to go ahead with the development plan of Thar Jath Field and incur its Pro-rata share of the exploration budget for 2004-05 in respect of Block 5A
(ii) Ex-post facto approval to OVL to make an additional investment of up to US $ 100 million as its share of development and expenditure of Thar Jath Field in Block 5A, including common facilities between Thar Jath and Mala Field. This investment having been already authorized by Empowered Committee of Secretaries (ECS) in accordance with the approval given by the Govt. earlier.
(iii) To authorize OVL to incur exploration expenditure during the year 2005 up to US $ 47 million as this exceeds the delegated power of OVL Board of Directors as effective on the date of the meeting of the ECS on 17th January, 2005 and is also not covered by the revenue generated by the Block.
This will enable OVL to make investment in development activities in Block 5A Sudan for getting first oil in March 2006.
YSR/DS/LV
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