Explorers from Aus, Canada show greater interest in NELP VIII

India's big oil and gas finds at Barmer and KG basin have attracted many bids from Australian and Canadian explorers in NELP VIII, the country's eighth round of auction of oil and gas blocks, a government official said.        

"Our oil and gas blocks are now more in demand in countries like Australia and Canada in NELP VIII (New Exploration Licensing Policy VIII). Our big oil and gas finds at Barmer and the KG D6 block has led new participation," Sunil Jain, Joint Secretary in the Petroleum Ministry told reporters here.        

Jain said the two discoveries, which have already commenced production, has changed investors' perception about the Indian sedimentary basins and unfolded more opportunities for investment here by global energy majors.        

"Also, no big hydrocarbon discovery has been made in the world lately apart from the ones in India," he added.        
The joint secretary said India is taking steps to ramp the production of oil to 60 million tonnes per annum from its overseas assets by 2030.        

"Overseas production of oil and gas will be increased from 8.8-million tonnes to 60-million tonnes by 2030," Jain said, adding the state-run ONGC Videsh and Oil India will constantly look to acquiring more foreign assets.