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India re-launches US$3 billion oil & gas auction

70 oil blocks and 10 gas blocks to be auctioned in October

Indian oil and gas, Indian oil auctions, Indian Oil Corp, Indian oil exploration, NELP-VIII and CBM-IV, Oil projects India, Paradip refinery, Refinery projects India, NEWS, Industry Trends

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India has announced its largest ever oil and gas exploration deal auction — NELP-VIII and CBM-IV — is being re-launched with the aim of it earning the country between US$3 billion to $4 billion in revenue.

The country is offering a total of 70 oil blocks and 10 gas blocks. The oil blocks are made up of 24 deep-sea blocks, 28 shallow water blocks and 18 land blocks. The gas exploration deals involves extraction of coal bed methane (CBM).

"NELP can be portrayed as India's success story in our endeavor to achieve self-sufficiency in hydrocarbons,” Petroleum Minister, Murli Deora, said.

The cut-off date for bidders will be October 12. Prior to that a road show to promote the auction will visit cities including London, Mumbai, Calgary and Houston.

Indian government officials have also assured potential bidders that changes to the bid documents are being made.

“Following extensive consultation the views of various stakeholders have been taken into account while finalising the bid documents for NELP-VIII and CBM-IV which contain some improvements and simplification in the bid evaluation criteria and model contract/ model production sharing contract,” Indian government spokesman, Shri R. S. Pandey said.

 

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