NEW DELHI, March 20 (UPI) -- India says it awarded 162 exploration blocks to various state-run and private companies under a new policy.
"A total of 162 exploration blocks have been awarded to various private companies, joint ventures including national oil companies under six rounds of New Exploration Licensing Policy held so far," a Petroleum and Natural Gas ministry statement said.
It said estimated initial in-place reserves in the blocks awarded under NELP was 27.27 MMT of oil and 398.3 BCM of gas.
"Oil and gas production from the exploration blocks results after exploration work and discoveries made. Production-sharing contract has provision for phase-wise commitment of exploration work to be carried out by successful bidder," a ministry spokesman said. "No time frame as such is imposed for commencement of production, however, after making a discovery, time frame is defined for carrying out development activities."
The ministry said 25 blocks were awarded to government-controlled Oil and Natural Gas Corp. and its partners and seven blocks were given to private oil and gas major Reliance Industries Ltd. under the sixth round of NELP.
It said the committed investment under the NELP-VI in the allotted blocks of ONGC was about $617 million and by RIL $490 million.
"Exploration period for on-land and shallow-water blocks is seven years and for deep-water offshore and frontier on\-land blocks is eight years. Production depends on the success of exploration efforts in the awarded blocks," the spokesman said.
