India to award 33 oil and gas blocks under NELP-VIII
19 Mar 2010
The government will award 33 oil and gas blocks in the eighth round of bidding under the New Exploration Licensing Policy. The Cabinet Committee on Economic Affairs (CCEA) also decided to cancel three exploration blocks awarded earlier, under seventh round of NELP.
Of the total 70 exploration blocks on offer in the current round, bids were received only for 36 blocks, including eight deepwater blocks, 13 shallow water blocks and 15 inland blocks.
The government decided not to auction the two blocks VN-ONN/2009/1/ & 2 under NELP-VIII, keeping in view the very low percentage share of profit petroleum offered in the bidding.
The CCEA also reduced the initial exploration period from four years to three years in respect of blocks KG-DWN-2009/1 and MB-OSN-2009/3 and modified Article 5.7 of MPSC after due vetting by the department of legal affairs.
The government will also amend Article 14.5.4 of MPSC for all 33 blocks to be awarded under NELP-VIII after concurrence of the ministry of environment and forests and after due legal process.
The Empowered Committee of Secretaries (ECS) had recommended award of 33 blocks under NELP-VIII to the first ranked/sole bidder, an official release said.
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