Cairn India has secured an interest in two new exploration blocks in India - PR-OSN-2004/1 and
KK-DWN-2004/1. The blocks were awarded to Cairn India under the sixth New
Exploration Licensing Policy round (NELP VI).
--The Government of India (GoI) had offered 55 exploration blocks - the highest ever offering
under the NELP process
--165 bids were submitted for 52 blocks with a total of 68 companies
--32 Indian companies and 36 foreign companies took part, with 20 of the
foreign firms participating in the Indian bid round for the first time
--Cairn India and Cairn through Capricorn Energy submitted 12 joint venture
bids along with ONGC, Videocon, Tata Petrodyne, British Gas and Total.
Details of the two offshore blocks awarded to Cairn India are as follows:
--PR-OSN-2004/1 (Palar Basin) Cairn Energy India Pty Limited 10%
(Operator), Cairn India Limited 25%, ONGC 35% and Tata Petrodyne 30%. The block
area is 9,400 km2.
--KK-DWN-2004/1 (Kerala Konkan Basin) Cairn India Limited 40%, ONGC 45%
(Operator) and Tata Petrodyne 15%. The block area is approximately 12,324km2.
Rahul Dhir, Chief Executive of Cairn India said:
"We're delighted to have secured further important acreage in India to add to
our substantial portfolio. The wider Petroleum Industry is now looking keenly at
India as a result of the significant discoveries made in recent years by a
number of companies including Cairn. The significant industry interest
substantiates our belief that India is an extremely attractive place to look for
oil and gas."
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