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The Cabinet Committee on Economic Affairs (CCEA) approved today award of 18 blocks under the Fifth round of New Exploration Licensing Policy (NELP-V). NELP-V for 20 blocks was launched in January, 2005 and the bids were received by 31st May, 2005. The Government received 69 bids for 20 blocks from 26 Foreign companies and 23 Indian companies.
2. The winners in respect of 18 blocks are as under :
DEEPWATER BLOCKS
Name of Block
Awardee
KK-DWN-2003/1
Reliance Industries Ltd.
KK-DWN-2003/2
Reliance Industries Ltd.
KG-DWN-2003/1
Reliance Industries Ltd. – Hardy Exploration & Production India Inc.
MN-DWN-2003/1
Reliance Industries Ltd. – Niko Resources (NELP-V) Ltd.
AN-DWN-2003/1
Oil & Natural Gas Corporation Ltd.
AN-DWN-2003/2
ENI India Ltd. - Oil & Natural Gas Corporation Ltd. – Gas Authority of India Limited
SHALLOW WATER BLOCKS
Name of Block
Awardee
CB-OSN-2003/1
Oil & Natural Gas Corporation Ltd.
GS-OSN-2003/1
Oil & Natural Gas Corporation Ltd. – Cairn Energy (7) Ltd.
ONLAND BLOCKS
Name of Block
Awardee
AA-ONN-2003/3
Oil India Limited– Hindustan Petroleum Corpn. Ltd.
GV-ONN-2003/1
Cairn Energy India Pty. Ltd Cairn Exploration ( No. 1) Ltd.-ONGC
VN-ONN-2003/1
Cairn Energy India Limited– Cairn Energy (6) Limited– ONGC
RJ-ONN-2003/1
ENI India Limited- Oil & Natural Gas Corporation Ltd. - Cairn Energy (2) Limited
RJ-ONN-2003/2
Phoenix Overseas Ltd. – Birckbeck Investment Ltd.
CB-ONN-2003/1 Part-A & B
Reliance Industries Ltd.
CB-ONN-2003/2
Gujarat State Petroleum Corpn. Ltd. – Gas Authority of India Limited– Jubilant Capital Pvt. Ltd. – Geo Global Resources Ltd.
DS-ONN-2003/1
GeoGlobal Resources
KG-ONN-2003/1
Cairn Energy India Limited– Cairn Energy (4) Limited– Oil & Natural Gas Corporation Ltd.
CY-ONN-2003/1
Niko Resources (NELP-V) Ltd.
3. The bids were evaluated adopting a quantitative transparent Bid Evaluation Criteria (BEC) made known to the companies through Notice Inviting Offers (NIO).
4. Shri Mani Shankar Aiyar, Minister (P&NG) had promised investors during the promotional road shows that awards would be announced by 31st July, 2005. The Government has fulfilled its time commitment.
5. In order to ensure that the winning companies fulfill the work commitment, which form one of the most important criteria for giving weightages, the Production Sharing Contracts (PSCs) will provide that in case contractor fails to complete the Minimum Work Programme (MWP) as bid for, he would be required to carry out equivalent or additional / substituted exploration work programme, failing which they will be required to pay equivalent money to the Government. Further, the cost estimates given by the successful bidders will be taken as a benchmark for the purpose of allowing cost recovery in respect of all the three exploration phases.
6. The PSCs with the awardee companies will be discussed and finalised during next one month and the contracts are expected to be signed by 2nd October, 2005.
7. The minimum investment committed by the bidders in these 18 blocks is approx. Rs.1653 Crore (US$ 380 Million) in the first phase and Rs. 3771 Crore (US$ 867 Million) in all the three phases of exploration.
8. In respect of 2 blocks namely AA-ONN-2003/1 and AA-ONN-2003/2, certain representations raising legal issues have been received and they are being examined in the Government. Decision in respect of these 2 blocks will be taken shortly.
9. The Government will now initiate action to offer blocks in the next round. A thorough review after intensive consultations with various stakeholders will be undertaken by the Government before finalisation of bid documents.
YSR/DS/HS/LV
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