RIL abstains from bidding under NELP

Drawing a poor response, India's largest oil and gas licensing round saw a total of 76 bids being received for 36 out of 70 blocks on offer.

Reliance Industries abstained from bidding for the 70 exploration blocks on offer in the eighth round of auction under the NELP, companies like BHP Biliton of Australia, BG of UK and Cairn Energy were the only notable companies besides home grown giants like ONGC, the Joint Secretary (Exploration), Ministry of Petroleum and Natural Gas, D N Narasimha Raju, said.

Of the 10 coal bed methane (CBM) blocks on offer, bids were received only for 8. RIL bid for one block.    

Of the 24 deep water blocks on offer, bids were received only for eight. 13 shallow water blocks received bids while 10 small onland blocks got 37 bids while five larger onland blocks got 10 bids.