NELP-IX: 74 bid for 33 oil and gas blocks on offer
28 Mar 2011
The government has received 74 bids for 33 oil and gas blocks for exploration under the ninth round of the New Exploration Licensing Policy (NELP) and expects to award the contracts within three months.
State-run explorer Oil and Natural Gas Corporation (ONGC) has bid for 28 blocks while domestic private sector major Reliance Industries has bid for 6 oil and gas blocks and Cairn bid for two blocks as the bidding closed today.
Petroleum minister Jaipal Reddy said the response to NELP-IX has been more than satisfactory.
A total of 37 companies comprising 8 foreign companies and 29 Indian companies have bid either on their own or as a part of consortia, he added.
NELP-IX has helped bring in new players in petroleum exploration and production in the country, he said, adding that 10 new companies, including two foreign and eight Indian companies have submitted bids either on their own or in consortium.
A total of 37 companies have bid under NELP-IX while 2 new foreign companies out of 8 foreign companies have submitted bids under NELP-IX.
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