Govt To Invite Oil Exploration Bids Soon

The government would soon invite bids under the New Exploration Licensing Policy (NELP). The policy offers attractive fiscal package providing a truly level playing field for national oil companies and private investors.

This was stated by minister for petroleum and natural gas V K Ramamurthy while addressing members of the Parliamentary Consultative Committee attached to his ministry. He said extensive work had been done in the past few months to operationalise the policy.

Besides, the government was encouraging the downstream oil PSUs to venture for equity oil in foreign countries either on their own or through strategic alliance. ONGC Videsh Limited is making efforts for acquisition of exploration acreages and equity reserves in Iraq, Kazakhstan, Azerbaijan, Algeria, Iran and Russia.