Financial Daily from THE HINDU group of publications
Thursday, Mar 28, 2002
Financial Daily from THE HINDU group of publications Thursday, Mar 28, 2002 |
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Industry & Economy
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Petroleum NELP third offering covers 27 blocks Our Bureau
The Minister for Petroleum and Natural Gas, Mr Ram Naik (right), with the Minister of State, Mr Santosh Kumar Gangwar, at the launch of the third round of NELP for oil and gas exploration blocks in the Capital on Wednesday.
NEW DELHI, March 27 THE Government today offered 27 blocks for exploration of oil and gas under the third round of the New Exploration Licensing Policy (NELP-III). Of the 27 blocks, eleven are onland blocks, seven offshore and nine in deepwater areas. The formal notice inviting offers for NELP III will be released on March 28. The last date for submission of bids would be August 28. The 11onland blocks are located in Andhra Pradesh, Assam, Bihar, Gujarat, Himachal Pradesh, Mizoram, Nagaland, Rajasthan, Tripura and West Bengal. Announcing the offering today, Mr Ram Naik said that in the first two rounds of the NELP, 16 per cent of the sedimentary basins were covered. The area proposed under the NELP III is about 9 per cent more of the total sedimentary area. The Director-General Hydrocarbons (DGH), Dr Avinash Chandra, said that over the last two years, there had been 10 commercially viable discoveries on the exploration front with proven reserves of 196 million tonnes of oil and oil equivalent. "This is the beginning since the projections are based on the reserves only around the wells which have been dug so far. This year, 10 to 18 discoveries are expected," Mr Chandra added. In order to promote investor interest in NELP-III, the Government has planned road shows in Delhi, Singapore, London, Houston and Calgary. The Model Production Sharing Contract (MPSC) for the NELP III is an improvement over the NELP II MPSCs in terms of the drafting of contract. The financial and legal aspects remain the same. The bids evaluation will be based on the technical capability (weightage 6 per cent) and financial strength (weightage 4 per cent), committed work programme (weightage 60 per cent) and fiscal package (weightage 30 per cent).
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