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Cabinet Committee on Economic Affairs (CCEA) today approved the award of two blocks as per following details:
Name of Block
Recommended bidder for award
AA-ONN-2003/1
(In Assam)
Jubilant Oil and Gas Pvt. Ltd. (JOGP) – Jubilant Securities Pvt. Ltd. (JSP) – Gujarat state Petroleum Corpn. Ltd. (GSPC) – Gas Authority of India Limited (GAIL)
AA-ONN-2003/2
(In Arunachal Pradesh)
National thermal Power Corporation Limited (NTPC) – Canoro Resources Limited – GeoPetrol International
CCEA in its meeting held on July 25, 2005 approved award of 18 blocks to various successful companies out of the total of 20 blocks under the fifth round of New Exploration Licensing Policy (NELP-V).
CCEA also approved the following:
(i) A provision already incorporated in respect of letters of award for 18 blocks/duly vetted by Ministry of Law and Justice will also be incorporated in the Letters of Award and the Production Sharing Contract (PSCs) for the above mentioned two blocks, to the effect that in case, the contractor fails to complete the Minimum Work Programme (MWP), they will carry out equivalent or more additional / substituted exploration programme with the approval of the Government in the blocks within the stipulated time-frame in the contracts, failing which they will pay equivalent money to the Government, as determined.
(ii) The cost estimates given by the recommended bidders for their MWP in all three Phases would be taken as the benchmark for the purpose of allowing cost recovery. A provision already incorporated in respect of letters of award for 18 blocks/duly vetted by Ministry of Law & Justice will also be incorporated in the Letters of Award and the Production Sharing Contract (PSCs) for the above mentioned two blocks.
(iii) Production Sharing Contract (PSCs) with the awardees will be finalized and signed after legal vetting by Ministry of Law & Justice and approval by Ministry of Petroleum & Natural Gas.
DS/HK/LV
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