The government is hopeful of attracting $3.5 billion investments in oil and gas exploration under the seventh round of New Exploration Licensing Policy (Nelp-VII). The seventh round offers 57 oil & gas blocks. The bid closing date for NELP-VII is April 11, 2008.
The government has made certain improvements in this round to facilitate small companies involved in exploration & production (E&P) activities. A new type of blocks called 'type-S' covering small area upto 200 kilometres has been introduced to attract small investors for exploration besides a special dispensation in the form of waiver of technical capability criteria.
For highly prospective deep-water blocks, the government has adopted a consortium approach. Most of the 19 deepwater blocks offered under NELP-VII are in less explored basins and to achieve desired level of success, advanced technology and operators having experience in deepwater need to be encouraged.
Out of 57 blocks offered under Nelp-VII, 29 are onland blocks and nine blocks are in shallow water. It is expected that several global players may participate in Nelp -VII including LN Mittal group, he said. BG (British Gas) is set to bid for Nelp-VII blocks with Oil India Ltd (OIL).
Unlike earlier Nelp rounds, this time the maximum number of deep-sea blocks are on the West coast; nine off Mumbai, four off Gujarat and two off Kerala-Konkan.
Three of the deep-sea blocks are in the Krishna Godavari basin (off Andhra coast) and one is in offshore Andaman. Six shallow water blocks are in Mumbai offshore while three are in the KG basin. Onland blocks are located in Assam-Arakan, Purnea, Bengal, Ganga valley, Satpura-Rewa, Vindhyan, Rajasthan, Cambay, Palar and Cauvery basins.
Of the total committed investment of about $8 billion in previous six rounds of NELP, about $4 billion had already been spent by oil & gas companies till March 2007. In previous six rounds, the government awarded 162 blocks. So far, the largest commitment of $3.32 billion investment was received in under Nelp-VI where 52 blocks was awarded.
Under Nelp rounds, 49 oil and gas discoveries have already been made in Cambay onland, North East Coast and Krishna Godavari deepwater areas, accreting over 600 million tons of reserves. The government would launch roadshows for NELP-VII from January.
The government has made certain improvements in this round to facilitate small companies involved in exploration & production (E&P) activities. A new type of blocks called 'type-S' covering small area upto 200 kilometres has been introduced to attract small investors for exploration besides a special dispensation in the form of waiver of technical capability criteria.
For highly prospective deep-water blocks, the government has adopted a consortium approach. Most of the 19 deepwater blocks offered under NELP-VII are in less explored basins and to achieve desired level of success, advanced technology and operators having experience in deepwater need to be encouraged.
Out of 57 blocks offered under Nelp-VII, 29 are onland blocks and nine blocks are in shallow water. It is expected that several global players may participate in Nelp -VII including LN Mittal group, he said. BG (British Gas) is set to bid for Nelp-VII blocks with Oil India Ltd (OIL).
Unlike earlier Nelp rounds, this time the maximum number of deep-sea blocks are on the West coast; nine off Mumbai, four off Gujarat and two off Kerala-Konkan.
Three of the deep-sea blocks are in the Krishna Godavari basin (off Andhra coast) and one is in offshore Andaman. Six shallow water blocks are in Mumbai offshore while three are in the KG basin. Onland blocks are located in Assam-Arakan, Purnea, Bengal, Ganga valley, Satpura-Rewa, Vindhyan, Rajasthan, Cambay, Palar and Cauvery basins.
Of the total committed investment of about $8 billion in previous six rounds of NELP, about $4 billion had already been spent by oil & gas companies till March 2007. In previous six rounds, the government awarded 162 blocks. So far, the largest commitment of $3.32 billion investment was received in under Nelp-VI where 52 blocks was awarded.
Under Nelp rounds, 49 oil and gas discoveries have already been made in Cambay onland, North East Coast and Krishna Godavari deepwater areas, accreting over 600 million tons of reserves. The government would launch roadshows for NELP-VII from January.
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