Ongc Bags 13 Oil Blocks, Reliance Gets 9

The government today signed production sharing contracts for 23 exploration blocks awarded under the third round of the new exploration licensing policy (NELP-III).

State-owned Oil and Natural Gas Corporation (ONGC) signed contracts with the government for 13 blocks, while Reliance Industries Ltd (RIL) in consortium with Hardy Oil of the UK inked agreements for nine blocks, including seven deepwater blocks.

The minimum committed investment in the first exploratory phase in the 23 blocks would be around $415 million, Petroleum Minister Ram Naik said.

An investment of $1.05 billion had been committed in three phases of exploration and production in the 23 blocks, the minister said.

ONGC inked independent production sharing contracts for nine blocks. It was joint signatory with Oil India Ltd for three blocks, while for the remaining block it signed an agreement with Indian Oil Corporation.

Gujarat State Petroleum Corporation (GSPC) in consortium with Geo Global Resources (India) Ltd and Jubiliant Enpro India Ltd was the third successful company, which signed a contract for the KG-OSN-2001/3 offshore blocks in the Krishna-Godavari basin.

The minister said the fourth round of NELP would be announced by the first week of April.