India's Reliance gives up 3 exploration blocks

NEW DELHI, May 21 (Reuters) - India's Reliance Industries (RELI.BO: Quote, Profile, Research) on Wednesday said it had surrendered three exploration blocks in the Kerala Konkan basin to the government.

"We carried out the minimum work obligation in the three blocks awarded under the second licensing round, and decided not to enter the subsequent phase, and thus surrendered the blocks as per the provisions of the production-sharing contract," a company spokesman said.

The Economic Times reported the government had taken back five exploration blocks in the basin off India's west cost from Reliance after it failed to meet the minimum work programme.

The spokesman said that Reliance still held two blocks awarded to it in the third licensing round, as the assets qualified for extensions under the drilling moratorium policy announced in January this year and valid till December 2010. (Reporting by Nidhi Verma; Editing by John Mair)