| The company emerged as the eligible bidder for the block, which attracted aggressive bidding, including bids from Reliance, Oil India and Cairn Energy under the fifth round of new exploration and licensing policy. |
| Phoenix had bid for the block along with Birkbeck Investment Ltd of Mauritius. |
| Senior petroleum ministry officials said the company was asked to explain whether digging of 16 wells was required to be done in the first phase of the development programme. Drilling of wells is the clinching criteria for the award of exploration licences under NELP. |
| The Rajasthan block, RJ-ONN-2003/2, is considered as one of the most prospective blocks for exploration of oil and gas following recent oil discoveries by British company Cairn Energy. The block is spread across three districts of Jaisalmer, Barmer and Jodhpur in Rajasthan. |
| "The company has been asked to submit their reply before June 20 since the DGH is required to submit its recommendations regarding the award of blocks to the petroleum ministry before that day," said an official. |
| The directorate general of hydrocarbons is currently evaluating the 69 bids received for the 20 blocks. |
| The bidding parameters for award of contracts for onland and shallow water blocks give 60 point weightage to the proposed work programmes submitted by the companies. |
| The next important parameter for the winning bid is the fiscal package which has a weightage of 30. Technical and financial capabilities of the bidding company or consortium is six and four, respectively. |
| Drilling of wells is considered crucial for any exploration work since the chances of striking oil and gas improve with better drilling technology and more extensive drilling. |
| The number of wells to be drilled also decides the flow of investment into the exploration work. Work programme offered in the first exploration phase is given higher weightage in evaluation. |
| Phoenix wanted to drill 18 wells each in the second and third phases of its drilling programme. |
| The next important creteria for evaluation is the fiscal package which includes the profit sharing by the bidders along with proposed annual cost recovery limit would go into evaluation. |
| State-owned Oil and Natural Gas Corporation is likely to win at least half of the 20 oil and gas block bidding for which closed on May 31. Reliance Industries, which bid for 12 blocks, is expected to get both the blocks in Kerala-Konkan deepsea, where it was the sole bidder. |
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