OVL plans to invest $155 million in the first phase in Trinidad and Tobago and $281 million in drilling operations in the two blocks in Brazil, the government said in a statement. An empowered committee of secretaries would be able to allow up to 30 per cent additional investment in case of cost escalation.
OVL, which has participating interest in 38 blocks in 18 countries, plans to acquire oil and gas properties across the globe as the country works towards achieving oil security. The company is also trying to diversify its interests in various geographies around the world.
The CCEA also approved revision and continuation of the Development/Strengthening of Agricultural Marketing Infrastructure, Grading and Standardisation Scheme till the end of the 11th Plan in 2011-12.
The CCEA also gave nod to restructuring Patna-based Bharat Wagon and Engineering Company, the administrative control of which will now be given to the railway ministry. It is under the Department of Heavy Industries at present.The outlay for the scheme is Rs 706.40 crore.
"The revised scheme will help expand marketing infrastructure facilities in the country by inducing private/public and co-operative sector investment and will also help in improving the efficiency of existing infrastructure with state agencies," the government said in a statement. The scheme creates marketing infrastructure for agricultural produce.
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The Union Cabinet also approved a Cruise Shipping Policy to promote the country as a tourism destination.