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Govt to sign licence agreements for 23 oil, gas blocks
February 03, 2003 18:20 IST
Government will on Wednesday sign licence agreements for 23 oil and gas blocks awarded under the third offering of New Exploration Licensing Policy."Production sharing contracts for 23 blocks, including 13 awarded to Oil and Natural Gas Corporation and nine to Reliance Industries, will be signed tomorrow," Petroleum Minister Ram Naik told reporters.
Minimum committed investment in the first exploratory phase would be around $415 million, he said.
Reliance Industries, in consortium with Hardy Oil of United Kingdom, was awarded nine blocks including seven of the nine prime deepwater blocks on offer. ONGC on its own won 9 blocks.
It got three blocks in consortium with Oil India Ltd and one block in joint venture with Indian Oil Corporation.
Gujarat State Petroleum Corporation, in consortium with Geo Global Resources (India) Ltd and Jubiliant Enpro India Ltd, was the third successful company, bagging the KG-OSN-2001/3 offshore blocks in Krishna Godavari Basin.
Naik said that fourth round of NELP would be announced by first week of April.
With this, the government has awarded in all 70 blocks in three rounds of NELP as against 22 blocks awarded in last 10 years.
Besides, contracts for North Raniganj in West Bengal and Jharia coalfield in Jharkhand for exploitation of coal bed methane would be signed on February 5, 2003, he added.
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