NELP V Round Attracts 32 Companies

The promotional exercise for increasing exploration efforts by the Government seems to have attracted players such as Total (France), Petronas (Malaysia), Statoil (Norway), ENI (Italy), Talisman (Canada), Petrobras (Brazil) and British Petroleum. This is even as conventional buyers such as ONGC are yet to buy the data being offered, sources said.

Data worth Rs 20 crore have already been sold under the fifth round of the New Exploration Licensing Policy (NELP) announced on January 4, 2005. The bids are to close on May 31. Data purchase is a prelude to the response to final bidding, and so far, 32 companies have bought data. The response has surpassed the previous rounds of NELP. Earlier, data worth Rs 13-14 crore had been sold, that too on the last days of the bid, with only 10-odd companies buying it, sources said.

Under the previous four rounds of NELP, production sharing contracts (PSCs) have been signed for 90 blocks. The fifth round, which is underway, has been opened for inviting bids for 20 exploration blocks. Out of these 20 blocks, six are in offshore areas along the eastern and western coast of the country and 12 are onshore.

While the overall fiscal and contractual terms under NELP have remained more or less the same, consultations are held with all stakeholders at the end of each round to suggest and incorporate improvements for succeeding rounds.

The fifth round incorporate some new features such as an establishment of a single-window facility in the Ministry of Petroleum & Natural Gas to facilitate investor interaction with other authorities concerned after the PSC is signed.

The NELP became effective in 1999 from when licenses for exploration are being awarded through an international competitive bidding system. National oil companies are required to compete with Indian and foreign companies to secure petroleum exploration licenses.

Related Companies
 Company: BP plcmore info


 - BP to Sell Stake in UKCS Magnus Field, Sullom Voe Terminal (Jan 24)
 - BP Production to Grow with Thunder Horse South Expansion (Jan 23)
 - Big Oil Back On The Acquisition Trail As Outlook Brightens (Jan 19)
 Company: Petrobrasmore info


 - Brazil's Petrobras Breaks Drought In LatAm Market (Jan 9)
 - Brazil's Petrobras, Joint Venture Hand Back Piracuca Oil Concession (Jan 3)
 - Brazil's Petrobras Finalizes Sale of Nansei Sekiyu for $165M (Dec 29)
 Company: Statoilmore info


 - Statoil Says Mistakes, Lack Of Maintenance Led To Troll, Mongstad Accidents (Jan 20)
 - Big Oil Back On The Acquisition Trail As Outlook Brightens (Jan 19)
 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 Company: Talisman Energymore info


 - Strong Upstream Performance from European Majors (Jul 28)
 - PETRONAS, PetroVietnam Extend PM3CAA PSC in Malaysia-Vietnam Waters to 2027 (May 10)
 - Repsol Significantly Scales Back Upstream Investment (Oct 15)
 Company: Total S.A.more info
 - Big Oil Back On The Acquisition Trail As Outlook Brightens (Jan 19)
 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 Company: ONGCmore info


 - What Will it Take for Operators to Invest in India? (Nov 1)
 - Undaunted by Gas Price Cut, ONGC Firm on $4.5 Billion CAPEX (Oct 6)
 - India ONGC To Invest $5.1B In 4 Years In East Coast Oil Gas Asset (Sep 30)
 Company: ENImore info


 - Oil, Gas Firms Make Global 100 Most Sustainable Corporations List (Jan 19)
 - Norway Awards 56 Oil And Gas Licences In Mature Areas (Jan 17)
 - Eni: Oil, Gas Discovery in Norwegian Sea (Jan 17)
 Company: PETRONASmore info


 - Total, Shell, Eni Eligible to Bid for New Iran Oil, Gas Projects (Jan 3)
 - Petronas Said to Eye New Site in $27 Billion Canada LNG Plan (Dec 28)
 - Malaysia's Petronas To Study Two Oilfields In Iran (Dec 22)
For More Information on the Offshore Rig Fleet:
RigLogix can provide the information that you need about the offshore rig fleet, whether you need utilization and industry trends or detailed reports on future rig contracts. Subscribing to RigLogix will allow you to access dozens of prebuilt reports and build your own custom reports using hundreds of available data columns. For more information about a RigLogix subscription, visit www.riglogix.com.
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles
Related Articles


Brent Crude Oil : $55.23/BBL 0.46%
Light Crude Oil : $52.75/BBL 0.62%
Natural Gas : $3.24/MMBtu 1.25%
Updated in last 24 hours