74 Bids Received for 33 Blocks Offered under NELP-IX

Source: www.gulfoilandgas.com 3/28/2011, Location: Asia

The Government has received 74 bids for 33 blocks out of 34 exploration blocks offered under Ninth Round of New Exploration Licensing Policy (NELP-IX) bidding for which closed. Speaking on the occasion Shri S Jaipal Reddy, Minister of Petroleum and Natural Gas said that response to NELP IX bidding round has been more than satisfactory.

The Minister added that a total of 37 companies comprising of 8 foreign companies and 29 Indian companies have bid either on their own or as a part of consortia. The Government’s desire to enhance the number of players in the E&P sector has been achieved as is evident from the fact that 10 new companies (2 foreign and 8 Indian) have given bids either on their own or in consortium.

Shri Reddy stated that the highlights of NELP IX bid round results are:

(i) Bids have been received for 33 blocks with the total number of bids being 74 for 33 blocks under NELP-IX .

(ii) A total of 37 companies have bid under NELP-IX.

(iii) A total of 2 new foreign companies out of 8 foreign companies submitted bids under NELP-IX.

(iv) 19 blocks attracted multiple bids.

(v) 8 S-type blocks received 26 bids.

(vi) 14 blocks received single bid ( 5 deepwater, 5 shallow water, 4 onland).

(vii) One offshore block has not received any bid.

The Minister also said that evaluation of the bids received under NELP-IX will be undertaken by the Government and the blocks are expected to be awarded within 3 months. The entire process including signing of contracts is expected to be completed in four months.

The response of E&P industry has been encouraging. The data packages were purchased by 25 companies, including a large number of non-E&P companies. The Bid Evaluation Criteria (BEC) under NELP is based on quantitative and transparent parameters thereby enhancing investor confidence in the policies.


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