BG Group to Pursue Undeveloped Blocks in India
BG Group is negotiating with the Indian Oil Ministry to bid on exploration blocks that have gone undeveloped by Indian companies in an effort to increase its presence in India. The company will also participate in the next licensing round to be held next month.
Indian officials are agreeable to inviting new bids on old acreage and would like to attract new bidders for these blocks. India's coast has "high prospectivity" and the sale of dormant blocks would allow BG to step up exploration. This would help to decrease the country's dependence on oil imports.