NEW DELHI -- India's federal cabinet Friday approved the allocation
of about half of the 34 oil and gas exploration blocks it offered for
development through an auction in March 2011, while rejecting bids of
companies such Essar Oil Ltd.
The South Asian nation had received bids for 33 of 34 exploration blocks auctioned in its ninth bidding round last year.
According to a government statement, the cabinet approved the award
of 16 oil and gas exploration blocks and rejected bids for 14 other
blocks in a late-Friday meeting. The government was to evaluate the bids
and award the blocks within three months, and the entire process,
including the signing of contracts, was expected to be completed within
four months of the bidding round. However, because of certain security
issues with some blocks the process of award delayed.
The auctions covered eight deep-water blocks, seven shallow-water
blocks off both the eastern and western coasts, and 19 land blocks in
Gujarat, Rajasthan, Tripura and Assam states.
India wants to fully explore its sedimentary basins by 2015, from
about 65% explored so far, as it seeks to ramp up output to meet growing
energy demand and reduce dependence on imports. India imports about
four-fifths of its crude oil needs.
The cabinet approved award of two shallow water and two onland blocks
to consortia led by ONGC. State-owned OIL led consortia got two onland
blocks in the Assam-Arakan basin. Deep Energy walked away with two
Cambay basin blocks while Focus Energy beat Reliance Industries to bag
an area in Rajasthan. Five blocks were awarded to relative unknowns such
as Sankalp Oil and Natural Resources, Pratibha Oil and Natural Gas Pvt Ltd and Pan India Consultants.
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