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Shri Mani Shankar Aiyar, Minister of Petroleum & Natural Gas has said that India is no longer a Hydrocarbon poor country but the one with great potential and just about to be a Hydrocarbon rich country. The Hydrocarbon base of about 30 billion tonnes of oil or 225 billion barrels is waiting to be explored, he said while exhorting the oil and gas enterprises to take advantage of the exciting offer of exploration blocks made by India. Shri Aiyar was speaking while launching the highly successful first promotional Road Show for promoting investment in the 20 exploration blocks offered in fifth round under New Exploration Licensing Policy (NELP-V) in Delhi today. The Minister underlined the improvement in Geological prospects for Hydrocarbons in India which is indicated in the world’s biggest gas discovery of 2002 made in Indian off shore off Andhra Pradesh coast in Krishna Godavari Basin. Similarly, in the beginning of 2004 one of the important oil discoveries world over was made in an on land Block in Rajasthan. He invited the oil and gas companies to make most of the present opportunity by taking part in the bidding for Exploration Blocks under NELP-V.
Shri Aiyar further said that the exploration policy is continuity in terms of democratic ethos while the procedural fine-tuning and improvements have been carried out. The bids received by last date (31.5.2005) would be processed and evaluated by end July and the contracts signed within next two months. He promised a single window system for clearing any doubts or grievances to ensure total transparency and speedy processing of approvals etc. To this and two Committees - one at the level of Petroleum Secretary and the other at the level of Petroleum Minister would be in place. The Minister asked the potential bid winners to be ready with their applications for their different clearances so that approvals are obtained without loss of time. In this Petroleum Ministry would provide all possible assistance.
The Road Show drew an overwhelming response from E&P, technology, finance consultancy and other firms. Representatives from about 100 companies/ organizations including from the major international oil and gas companies witnessed the impressive presentations on fiscal and technical aspects, experiences of the enterprises working in India. These presentations made a strong case for investment in the present offer as the prospects for finding oil and gas have greatly brightened in the light of world class discoveries of oil and gas in different parts of the country in recent past. The present Blocks have significant prospects as indicated in the data package obtained with the help of latest techniques. The investment climate/fiscal package matches the best in the world.
RCJ/ KC/ Delhi Road show (18.1.05)
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