NELP-VIII and CBM-IV road show held in Perth

About 40 companies attended a road show to promote the Government's eighth bid round of the New Exploration Licensing Policy (NELP-VIII) and the fourth round of the Coal Bed Methane Policy (CBM-IV) held in Perth, Australia, yesterday.

This was the fifth in a series of events organised by the Government to invite exploration and production (E&P) companies and prospective investors to take advantage of the investment opportunities opening up in the country's oil and gas sector.

The earlier road shows were held in Mumbai, Houston, Calgary and London between August 8 and September 8. The Perth show was inaugurated by Petroleum and Natural Gas Secretary R S Pandey.

The government has offered 70 exploration blocks under NELP-VIII and 10 blocks under the CBM for global competitive bidding.

An official press release said E&P companies which participated in the show included Woodside Energy Limited, Santos, GE Oil & Gas, Oilex and Mantle Mining Corporation.

Mr Pandey said the NELP-VIII blocks were being offered in the backdrop of the 71 oil and gas discoveries which have already been made in 21 exploration blocks by accretion of in place hydrocarbon reserves of more than 600 million metric tonnes of oil equivalent (MMTOE).

Under NELP regime, major natural gas production in KG basin commenced from April, 2009. With this, the gas production in India would be doubled as against production of 2008-09. Total committed investment in NELP rounds for exploration so far is around $ 10 billion and actual investment made is around $ 11.9 billion, he said.

Mr Pandey said the recent huge discoveries had significantly changed the perception about the geological prospectivity of India’s sedimentary basins. He said that the area under exploration at present was about 50 per cent of the basins. The Government hoped to raise this to 80 per cent in the XIth Five Year Plan period, ending 2012.

Indian High Commissioner to Australia Sujata Singh and Mr Richard Sellers, Director General, Department of Mines and Petroleum, Government of Western Australia, were amongst those who spoke on the occasion.

Some of the important E&P companies operating in India, such as Oil India Ltd (OIL) and Santos International, made presentations about their their success stories in India’s E&P sector. They also gave an account of their perceptions of geology and hydrocarbon prospectivity in India.

The Confederation of Indian Industry (CII) made a presentation about its perception on India’s business climate and investment opportunities. KPMG made a presentation on the oil & gas taxation regime in India.

Mr V K Sibal, Director General of Hydrocarbons, made a presentation on the geological prospectivity of NELP-VIII and CBM-IV blocks.

Mr D.N.Narasimha Raju, Joint Secretary (Exploration) in the Ministry of Petroleum and Natural Gas, spoke about the policy, fiscal, legal and contractual framework for NELP-VIII and CBM-IV rounds.

Another road show has been planned at Brisbane in Australia for two days from tomorrow. There will also be an investors' meeting in Singapore on September 28.

The bid closing date for NELP-VIII is October 12. The Government is committed to complete evaluation, award and signing of production sharing contracts in a reasonable time frame.


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