India Cabinet Committee Approved NELP-VIII Award

Source: www.gulfoilandgas.com 3/19/2010, Location: Asia

The Cabinet Committee on Economic Affairs approved the following: (i) To endorse the assumptions made by Directorate General of Hydrocarbons (DGH) during the process of evaluation of bids for NELP-VIII.

(ii) Award of 33 blocks under NELP-VIII to the first ranked/sole bidder as recommended by ECS.

(iii) Not to award two blocks VN-ONN/2009/1/ & 2 under NELP-VIII, keeping in view very low percentage share of profit petroleum offered to Government, which may be detrimental to Government’s interest in future.

(iv) To reduce the Initial Exploration Period from 4 years to 3 years in respect of blocks KG-DWN-2009/1 and MB-OSN-2009/3 and modification in Article 5.7 of MPSC after due legal vetting by Department of Legal Affairs.

(v) To amend Article 14.5.4 of MPSC for all 33 blocks to be awarded under NELP-VIII after concurrence of MOEF and vetting by Department of Legal Affairs.

(vi) Ex-post facto approval for cancellation of award of three Exploration Blocks viz., two Block VN-ONN-2005/1 & VN-ONN-2005/2 to GeoGlobal Resources (Barbados) Inc. and one Block CB-ONN-2005/1 to Interlink Petroleum Limited, Moonstone Energy Pte. Limited & EnSearch Petroleum Private Limited consortium under seventh bid round of New Exploration Licensing Policy (NELP-VII).

The decision will accelerate exploration and production activities in the country and is expected to result in hydro-carbon reserve accretion, thereby, increasing the energy security of the country. The cancellation of award of three Blocks under NELP-VII after affording an opportunity to sign the PSC, would be a deterrent for non-serious bidders.


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