Global giants eyes India for exploration

Global giants eyes India for exploration

By agencies   |   Wednesday, 12 April 2006, 07:00 Hrs
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NEW DELHI: As India gets ready to auction 55 oil and gas blocks, the new NELP roadshows are now taking place across the globe. And in order to make this a great success, India's oil minister Murli Deora spent days in London and Houston, promoting India's oil and gas blocks to global oil majors.

As many as 82 companies participated in the roadshow in London and around 72 companies in Houston. India expects over $7 billion from auction of these 55 blocks as against an investment of close to $2 billion in the last round.

Already data worth $9.09 million has been sold to global oil majors as opposed to the total sale of $4.54 million in the last round. Petroleum Secretary, M S Srinivasan said, “The bidding is on till September 15. Usually we sell maximum data in the last month. We are hoping to touch a record of $22.72 million data sold.”

Clearly, the enthusiasm from international majors is more than the last round because the blocks are more in number and the auction rules has made India's deepwaters more attractive. But how many global companies will end up exploring in India remains to be seen.

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