To woo more investors, India is mulling introduction of open acreage system in exploration of oil and gas as against the present system of offering demarcated blocks under the New Exploration Licensing Policy (NELP).
"We are studying how to go in for open acreage system. We may even consider open acreage in the next round of NELP," said V. K. Sibal, director general of the Directorate General of Hydrocarbons (DGH), which oversees oil and gas exploration activity in the country.
"If we graduate to the open acreage system, it could improve the exploration cycle," said Sibal.
Under the open acreage the prospective exploration companies can pick the area they would like to explore on the basis of data furnished by the DGH.
"Once a few exploration offers have been received, we could call for bids and allocate the blocks. This is unlike the present practice wherein we call bids for blocks demarcated by us and the extensive data made available on these blocks," Sibal said at a press conference here Friday.
Currently India is awaiting bids for 20 blocks offered under the fifth round of NELP with the last date for bid submission being May 31.
"Within 20 days of the bids being submitted, we will complete the evaluation process," said Sibal, assuring full transparency.
Initial indications during and after the roadshow for the NELP-V has cheered the DGH with Rs.200 million ($4.6 million) worth data dockets being sold and 32 companies including several global majors like Canada's Talisman, Shell and Petronas visiting the data rooms to study details about the blocks on offer.
Based on the response during the NELP roadshows earlier this year, the petroleum ministry is studying the possibility of introducing open acreage system for promoting exploration activities.
With several nomination blocks coming back into the kitty for prospective exploration after seven to eight years of not much work being done, DGH sees considerable potential to attract both private and overseas exploration companies.
Given that in the last four years India has seen 50 percent success in 71 wells drilled, the odds seem more favourable, said Sibal.
--Indo-Asian News Service
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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