ONGC and Reliance sign licence deals for oil blocks

Feb 04, 2003 01:00 AM

State-owned ONGC and Reliance Industries signed licence agreements for oil and gas blocks awarded to them by the government under the third round of offering of the NELP.
ONGC signed PSC’s for 13 blocks while RIL, in consortium with Hardy Oil of UK, inked agreements for nine blocks including seven prime deepwater blocks.

Minimum committed investment in the first exploratory phase in 23 blocks, agreements for which were signed, would be around $ 415 mm, Petroleum Minister Ram Naik said. A total of $ 1.05 bn investment has been committed in three phases of exploration and production in all the 23 blocks, he said.
ONGC on its part signed a PSC for nine blocks. It was joint signatory with Oil India Ltd for three blocks while for the remaining one block, it signed agreement with Indian Oil Corp.

Gujarat State Petroleum Corporation (GSPC), in consortium with Geo Global Resources (India) and Jubiliant Enpro India, was the third successful company, with signed contract for the KG-OSN-2001/3 offshore blocks in Krishna Godavari Basin. Naik said the fourth round of NELP would be announced by first week of April.
Under NELP-I, of the $ 1.1 bn investment committed under NELP-I, $ 423 mm has already been invested while, of the $ 775 mm committed in NELP-II, $ 111 mm has been invested in exploration.

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