Finally, NELP-VIII to get under way on 8 August
23 Jul 2009
The government will re-launch the country's largest-ever auction of oil and gas blocks on 8 August and will extend the last date of bidding by two months to mid-October, according to reports.
The first of the promotional road shows for 70 blocks and 10 coal-bed methane areas offered under the eighth edition of new exploration licensing policy (NELP) will be held in Mumbai on 8 August, PTI quoted a petroleum ministry official as saying.
The road shows were earlier slated to begin on 20 April, but the programme was deferred due to ambiguity on availability of tax holidays for natural gas.
''The last date of bidding will be extended, possibly to October 10, but that has not been finalised yet,'' the official said.
Road-shows will be held in Perth on 10-11 August and Brisbane on 13-14 August. An investor meeting is planned in Singapore on 17 August. Dates of road-shows in London, Houston and Calgary (Canada) have not been finalised.
The London road-show is being scheduled for 9-10 September. The round is being re-launched after finance minister Pranab Mukherjee, in his budget for 2009-10, stated that a seven-year income tax holiday would be granted on profits from producing and selling natural gas for blocks awarded in NELP VIII.