News: BP, ONGC, Cairn bid for oil, gas blocks in India
India closed the sixth round of its New Exploration Licensing Policy, launched in the late 1990s to introduce a more transparent, open bidding process.
It drew bids from 62 Indian and overseas companies at a time when foreign firms are struggling to gain access to promising parts of Latin America, the Middle East and Russia.
"Of the total 55 blocks offered by India, 52 blocks attracted 165 bids," said V. K. Sibal, a senior official at the Directorate General of Hydrocarbons.
Three blocks received no bids.
"The response is very good. We offered the highest ever acreage in this round. India has political stability and there is transparency in our system," Sibal said.
India, Asia's third-largest oil consumer, imports 70 percent of its crude and is keen to quickly tap any remaining domestic reservoirs to help offset its growing dependence on imports.
Top state-run Indian explorer Oil and Natural Gas Corp. Ltd. submitted bids for 45 oil and gas blocks in partnership with domestic and foreign firms, including BG, Cairn Energy, ENI and BP, officials said.
BP, which submitted an unsuccessful bid for a block in last year's round, expressed an interest in two deepwater blocks this time round.
"Our interest in the Indian upstream sector is driven by the market, particularly the gas market, and a very good framework for the upstream industry," said Sanjiv Lowe, vice-president at BP India.
India's top private energy company, Reliance Industries Ltd., bid for 21 oil and gas blocks.
Meanwhile, Canada's GeoGlobal Resources is looking for five onland blocks in a tie up with State-run Oil India Ltd., while Calgary's Niko Resources Ltd has entered solo bids for three blocks.
The government plans to award the blocks by Nov. 15 and is expected to sign contracts by Jan. 15, 2007. Details of the bids will be announced later in the day.
posted by InCar Group Press Room at 18:37
0 Comments:
Post a Comment
<< Home