The union Petroleum and Natural Gas Ministry has signed Production Sharing Contracts (PSC) with 16 oil and gas blocks that were awarded under the IX round of New Exploration Licensing Policy (NELP).
State-run Oil and Natural Gas Corporation (ONGC) has emerged as the biggest winner with six blocks. The government rejected a total of eight bids from the company due ot various reasons, including five for deep-sea blocks.
The government was offering 34 blocks including eight deepwater blocks, seven shallow water blocks, 11 on-land blocks, and eight Type-S on-land blocks under the NELP-IX. The government had received bids for 33 blocks on close of auction on March 28.
U. S.-based Deep Industries' Deep Energy won three onshore areas and Sankalp Oil and Natural Resources won three areas each. Focus Energy, Pratibha Oil and Natural Gas and Pan India Consultants won on-land block each in the auctions.
"There are some reservations regarding profit-sharing mechanism. Investment Multiple principle also creates its own sets of problems... In future this formula can be fine tuned," oil minister Jaipal Reddy said.
He said that the government signed 13 contracts with energy firms for blocks awarded under the ninth round of new exploration licensing policy.
Source:topnews.in
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