New Delhi [ Times bureau ] . To extract oil from deep sea drilling machine companies starved Government has given relief . The Cabinet Committee on Economic Affairs [ CCEA ] chaired by Prime Minister Manmohan Singh at a meeting on Thursday approved a proposal in this regard .

Under the New Exploration and Licensing Policy [ Nealp ] prior to the fifth round the block three years for oil exploration companies are exempt . Government’s decision Reliance Industries [ RIL ] and will benefit many companies like ONGC .

These companies January , 2009 was to complete its drilling work . But the drilling machine 16 to be unavailable , ONGC and Reliance’s 13 and Italian Eenae within a block schedule could not start oil exploration work . Companies found that 30 blocks discount January 2008 to December , 2010 will be valid for the period .

Kachche two years ago, the world oil prices were skyrocketing . At the same time swing oil and gas exploration work began. Time, the oil and gas wells drilling machines upcoming excavation work half the fare has increased three- fold . The companies could not complete the work within stipulated time . As the compensation they paid big bucks .

In another decision CCEA ONGC Trinidad and Tobago has approved withdrawal from the gas block . The state oil and gas producer ONGC Videsh ‘s associate firm of the steel king Lakshmi Mittal had made a joint venture with Mittal Energy . This enterprise had the gas block . After giving up for OVL Mittal alone seemed not possible to complete the project .

Cabinet meeting Thursday in Vienna Kanveanshne India , joining in 1972 also approved . The Global Jewellery India Halamarkig Kanveanshne join the 19 th country has become . Jewellery Kanveanshne connect with the country’s exports will lead to .