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Govt receives 45 bids for oil exploration blocks

The government on Wednesday received 45 bids for 23 oil and gas exploration blocks on offer under the third round of New Exploration Licensing Policy.

State-run exploration firm Oil and Natural Gas Corporation bid for 23 blocks out of 27 on offer while Reliance Industries in consortium with Hardy Oil of UK bid for 15 blocks, Petroleum Minister Ram Naik told reporters in New Delhi.

The third round of bidding, which closed on Wednesday, saw no new names with Scottish explorer Cairn Energy Plc, Premier Oil and Geo Global Resources of Canada the only other foreign companies besides Hardy Oil bidding for the oil assets.

Naik said bids would be finalised in 10 weeks and contracts likely to be signed by end of January.

Cairn Energy bid for one onland and two offshore blocks while Premier Oil has restricted itself to bidding for one block in Tripura

"Eleven companies have submitted their bids out of which ONGC, Oil India Ltd, Indian Oil, Gas Authority of India Ltd, RIL, Gujarat State Petroleum Corporation and Jubilant Enpro India Ltd are the domestic companies," he said while attributing lack of response from foreign companies to the ongoing Indo-Pak tensions.

Eighteen blocks attracted multiple bids, whereas five blocks attracted single bids, he added.

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