Gulf Oil and Gas accountACCOUNT

Award of 16 Indian Blocks Under (NELP-IX) Policy

Source: www.gulfoilandgas.com 3/23/2012, Location: Asia

Award of Exploration Blocks under ninth bid round of New Exploration Licensing Policy (NELP-IX) and cancellation of two blocks under the eighth bid round of NELP (NELP-VIII)

The Cabinet Committee on Economic Affairs (CCEA) today approved the following:
1. Award of 16 blocks to the first ranked/single bidder as recommended by Empowered Committee of Secretaries (ECS).
2. To reject the bids for 10 blocks due to less than 15% of profit petroleum to Government.
3. Rejection of bids of following Company/Consortium due to non-fulfilment of NIO Conditions:
(i) Consortium of Deep Energy, LLC and KGN Oil & Gas Private Limited for the block CB-ONN-2010/1.
(ii) M/s Chinar Commerce Pvt Ltd for the blocks CB-ONN-2010/6 and CB-ONN-2010/7. As no other bid has been submitted for the block CB-ONN-2010/7, this block will not be awarded at all.
(iii) Essar Oil Limited for the block CB-ONN-2010/11.
(iv) Cancellation of two blocks viz. block KK-OSN-2009/4 awarded to Consortium of Omkar Natural Resources Pvt Ltd (ONRPL)- Munros Energy Pvt Ltd (MEPL)- Neris Energy Pvt Ltd (NEPL) and block KK-OSN-2009/5 awarded to Consortium of Omkar Natural Resources Pvt Ltd (ONRPL)- Sublime Energy Pvt Ltd (SEPL) –Neris Energy Pvt Ltd (NEPL) under eighth bid round of New Exploration Licensing Policy (NELP-VIII).

Background
The Government of India launched Nineth bid round of New Exploration Licensing Policy (NELP-IX) on 15.10.2010. 34 blocks covering an area of about 88,807 Sq. Kms were offered under NELP-IX. The offered blocks included -08 deepwater blocks, 07 shallow water blocks and 19 onland blocks (including 08 Type-S blocks). Bids were opened by DGH on 28.03.2011. A total of 74 bids were received for 33 blocks from National Oil Companies and private/foreign companies for 33 exploration blocks (8 deepwater blocks, 6 shallow water blocks and 19 onland blocks). No bid was received for one exploration block in shallow water. The 74 bids received for 33 blocks were evaluated by DGH as per the Notice Inviting Offers (NIO)/Bid Evaluation Criteria (BEC).

The Cabinet Committee on Economic Affairs (CCEA) in its meeting held on 19.3.1010, approved the award of 33 blocks to the first ranked/sole bidder under NELP-VIII. Accordingly, Production Sharing Contracts (PSCS) were signed for 31 blocks on 30.06.2010. However, PSCs could not be signed with Consortium of Omkar Natural Resources Pvt Ltd (ONRPL) Munros Energy Pvt Ltd (MEPL)-Neris Energy Pvt Ltd (NEPL) for the block KK-OSN-2009/4 and Consortium of Omkar Natural Resources Pvt.Ltd (ONRPL)-Sublime Energy Pvt Ltd (SEPL) Neris Energy Pvt Ltd (NEPL) for the block KK-OSN-2009/5 as they did not turn up on 30.06.2010 for signing of the PSCs.

Expenditure involved: There is no expenditure involved on the part of the Government of India in respect of exploration blocks being awarded. The expenditure would be incurred by the awardee company(ies) who have made investment commitment of USD 582.29 Million in exploration phase for the blocks being awarded.

Envisaged benefit: 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 two blocks under NELP-VIII would be deterrent for non-serious bidders.

Acquisitions and Divestitures News in India >>

Tanzania >>  3/21/2019 - Aminex announces that all parties to the previously announced Ruvuma farm-out agreement have agreed to an extension to the long stop date to 31 July 2...
Colombia >>  3/20/2019 - Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, provides an update on corporate activities in Colombia. ...

Greenland >>  3/20/2019 - Greenland Gas & Oil (‘GGO’) has confirmed the award of a new licence and extension of existing licences, as well as provided details of upcoming opera...
Mexico >>  3/20/2019 - DEA Deutsche Erdoel has completed the acquisition of 100 percent of the shares of Sierra Oil & Gas. With the deal, DEA enhances its presence in Mexico...

Gabon >>  3/19/2019 - BW Energy Gabon SA (BWE), a subsidiary of BW Offshore and the operator of the Dussafu license, has entered into an agreement with Gabon Oil Comp...
United Arab Emirates >>  3/17/2019 - The Abu Dhabi National Oil Company (ADNOC) signed an agreement, awarding the exploration rights for Abu Dhabi Onshore Block 4 to Japan’s INPEX CORPORA...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


India Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 |

More News

Related Links

AZ BD BN CN GE HK ID IN IR JP KR KZ MM MN MY PG PH PK RU SG TH TJ TM TW UA UZ VN
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.