Skip to main content

ONGC, GVK Power, Reliance get oil blocks under NELP

Oil and Natural Gas Corp (ONGC), BHP-Billiton-GVK Power combine and Reliance Industries-BP Plc joint venture were among the firms that signed contracts on Monday for exploring for oil and gas in 44 oil and gas areas, committing $1.5 billion in investment. Production Sharing Contracts (PSCs) for the exploration blocks awarded under the seventh bid round of New Exploration Licensing Policy (NELP) were signed at a ceremony here.

A total of 57 blocks were offered in the auction but bids were received only for 45, with about $1.49 billion minimum investment committed towards exploration spend.

Cairn Energy's bid for a Mumbai basin deepwater block was, however, rejected. ONGC and partners signed PSCs for the maximum number of 20 oil and gas exploration blocks they won in India's largest ever international bid round that closed on June 30.

First-timers BHP Billiton and GVK Power inked agreements for seven deepsea blocks. Reliance Industries forged an alliance with British Petroleum Plc, but could manage only one Krishna-Godavari basin block. Of the 57 areas offered in NELP-VII, seven dee psea, two shallow water and three onland blocks did not receive any bid.

The Phase I investment commitment includes USD 321.15 million for exploration in deepsea, $598.255 million for exploration in shallow waters and USD 572.75 million for onland blocks, officials said.

Besides seismic surveys, 141 exploration wells have been committed in the mandatory Phase I by the firms that signed the PSCs today.

Seven out of the 12 deepwater blocks went to the consortium of BHP Billiton and GVK Oil and Gas. Two blocks went to ONGC-GSPC consortia, while one block each went to Reliance Industries-British Petroleum JV and ONGC-Oil India consortia.

Of the shallow water blocks, the consortia of ONGC, GSPC and HPCL-Mittal Energy bagged two Krishna Godavari basin blocks. ONGC-GSPC, Adani Welspun and Essar-Nobel were announced winners for one shallow water offshore block each.

ONGC and its partners were recommended for 11 onland blocks, while the consortia of OIL, HOEC and HPCL-Mittal Energy were recommended for a Rajasthan block. Indian Oil Corp, Omkar Natural Resources, Vasundhara Resources, EnSearch Petroleum, GAIL and Que st Petroleum were other recommended winners for onland blocks. 
Labels:

Comments

Post a Comment

Popular posts from this blog

Jyoti Structures bags Rs 253 cr worth orders

Jyoti Structures on Tuesday said it has bagged two orders worth Rs 253 crore from Uganda Electricity Transmission Company Ltd and Eskom Enterprises (Pty) Ltd for construction of transmission lines. The company has bagged Rs 160-crore order from Uganda Electricity Transmission Company Ltd for construction of transmission lines and sub-stations. Besides, the company's joint venture company Jyoti Structures Africa (Pty) Ltd has bagged a contract for Eskom Enterprises (Pty) Ltd, the electricity utility of South Africa for construction of transmission line. The scope of the order from Uganda Electricity Transmission Company includes supply and erection of Bujagali Interconnection Project, the manufacturer of transmission line towers informed the Bombay Stock Exchange. The contract valued at around $39.64 million (Rs 160 crore) is to be executed in 24 months, the company said, adding the company would construct 220 kV and 132 kV transmission lines and substations.
Post a Comment
Read more

Company News

ITI Ltd seeks Rs2,000 crore aid from government (Live mint.com 26th Dec 2007) The funds are being sought to wipe out accumulated losses of Rs2,225 crore and to obtain working capital for telecom equipment manufacturing. According to a company official who did not wish to be named, a committee has been set up by the Centre to finalize the package. More
Post a Comment
Read more

Inflation hits 42-week high of 7.57%

Inflation rose to a 42-week high of 7.57 per cent in the 12 months to April 19, higher than the previous week’s annual rise of 7.33 per cent, largely on account of an increase in food, metal products and industrial fuel prices, official data showed. Analysts said that the inflation of 7.57 per cent was “slightly higher” than their expectations and this could be due to price increase in tea and certain items in the steel group. India’s wholesale price index (WPI) based inflation now stood highest since November 13, 2004, when it was 7.68 per cent. Economists expressed confidence that the recent fiscal and monetary measures would yield results in the coming weeks. They, however, noted that inflation was unlikely to return to the comfort zone of the Reserve Bank of India any time this fiscal. “There could be some easing of food inflation given the good wheat production and likelihood of good monsoon. I see some temporary relief on food side. But commodities are tough to predict. The infla...
Post a Comment
Read more