The Cabinet Committee on Economic Affairs(CCEA)has approved the award of 44 oil and gas exploration blocks,which is expected to attract investments of 1.5-bn.Of the 45 blocks that received bids in the seventh round of auction under the New Exploration Licensing Policy(NELP VII),the CCEA did not award a deepwater block in Mumbai basin to Cairn Energy India as it bid too low and said it would be"detrimental to the government's interest in future in terms of profit petroleum".Cairn was the sole bidder for the block.
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