Bidders response to India’s new oil, gas blocks was satisfactory: Jaipal Reddy

March 28th, 2011 - 10:25 pm ICT by ANI  

New Delhi, Mar 28 (ANI): Union Petroleum and Natural Gas Minister Jaipal Reddy on Monday said the bidders response to the country’s new oil and gas blocks has been more than satisfactory and encouraging, as India receives 74 bids for 33 oil and gas exploration blocks.

“You are aware of the fact that government launched ninth bid of NELP (New Exploration Licensing Policy) around way back in October 2010, I should say the response to this ninth bid has been more than satisfactory, its in fact encouraging,” Reddy told a news conference here today.

This licensing round was aimed at attracting increased private investment, but failed to draw big global firms needed to boost the sector as only two foreign companies out of the eight submitted their bids.

“The bids have been received for as many as 33 out of 34 block. A total of 37 companies have bid under NELP-IX. A total of two new foreign companies out of eight foreign companies submit its bids under NELP-IX. 19 blocks attracted multiple bids,” he added.

The bids for 34 oil and gas blocks, which include eight in deepwater areas, seven in shallow water and 19 onshore properties, closed today.

The government has hired UK-based Fugro Data Solutions Ltd to market the NELP-IX blocks.

In the eight rounds of NELP since 1999, 235 blocks have been awarded till date. This has resulted in enhancement of exploration coverage from 11 percent to about 58 per cent of the total Indian sedimentary basin area in the country between 2000 and 2010. (ANI)

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