The success rate is 62.5%, as ONGC has bid for 16 Blocks. Cumulatively, after five rounds of competitive bidding, ONGC has reassured its competitive edge by grabbing 55.45% (61 out of 110) of the Blocks offered so far.
Of the 20 Blocks offered in NELP-V, ONGC is likely to be awarded 3 out of 6 Deep Water Blocks, both the Shallow Offshore Blocks and 5 out of the 12 Onshore Blocks. ONGC had bid for 4 Deep water, 2 Shallow Offshore and 10 Onshore Blocks.
The fifth round of new exploration licensing policy (NELP- V) has attracted a tremendous response from E&P companies including some global majors. A total 69 bids were received for 20 blocks -- 18 bids for 6 deepwater blocks, 7 bids for 2 shallow water blocks and 44 bids for 12 onshore blocks.
The bids for NELP-V closed on May 31, 2005. 27 foreign companies and 21 Indian companies (8 public sector undertakings and 13 private companies) had submitted their bids. What is more, the number of bids per block has increased substantially this time with 3.45 bids/block. Moreover, unlike in NELP-IV, every single block has been bid for.
For the first time, National Thermal Power Corporation (NTPC) has thrown in its hat in the ring.
The government is expected to announce awards by July 31, 2005. The Production Sharing Contracts (PSCs) with successful companies are expected to be signed by 30th September, 2005.
The strong competition in NELP- V can be assessed from the following facts:
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