India to Launch Oil & Gas Block Auction Thursday
The Indian government plans to auction 57 domestic oil and gas blocks starting Dec. 13, Petroleum and Natural Gas Minister Murli Deora said Monday.
This will be the largest auction of oil and gas blocks by India, which imports almost three-fourth of the crude it processes, and is trying to boost indigenous production.
The government is also hoping to increase foreign participation, and Deora said steel and energy conglomerate L.N. Mittal group would likely bid for the first time in this auction, perhaps in partnership with another company.
On offer are 19 deepwater blocks, mostly on the west coast, nine shallow-water blocks and 29 inland blocks, a senior oil ministry official said.
The auction is likely to close on April 11, he said. Deora said the blocks will be allocated by July.
The Indian roadshow for the auction will be held in Mumbai on Jan. 8 followed by international roadshows in London, Houston, Calgary and Perth, among others, the official said.
Originally scheduled for March or April 2007, the auctions have been delayed due to controversy over the pricing of gas discovered by Reliance Industries Ltd. from a block awarded under a new licensing policy.
In the previous six rounds of auctions under the new policy, the government has awarded 162 oil and gas blocks, a majority of which have been snapped up by state-run explorer Oil and Natural Gas Corp. and private oil company Reliance Industries Ltd.
While the first few rounds of Indian auctions didn't attract many international bidders, the last round highlighted the growing interest of international companies in the country's exploration sector. About 36 foreign companies bid along with 32 Indian companies in the previous auction.
Some of the major players who have bid for Indian oil and gas blocks previously include BP PLC, Malaysia's Petroliam Nasional Bhd., or Petronas, BG Group PLC, Cairn Energy PLC, Santos Ltd. and ENI SpA.
Copyright (c) 2007 Dow Jones & Company, Inc.
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension