The government today offered 27 blocks for exploration of oil and gas under the third round of new exploration licensing policy (NELP-III). The 27 blocks on offer included 11 onland blocks, nine deep water and seven shallow water blocks, located on both the east and west coasts, petroleum minister Ram Naik said today at a press conference here.
He said the onland blocks were in Andhra Pradesh, Assam, Bihar, Gujarat, Himachal Pradesh, Madhya Pradesh, Mizoram, Nagaland, Rajasthan, Tripura and West Bengal.
The formal notice inviting offers for NELP-III will be issued on March 28 and the last date for the submission of bids is August 28.
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The bids would be evaluated on the basis of the technical capability (weightage 6 per cent) and the financial strength (4 per cent) of the bidding company or the consortium, committed work programme ( 60 per cent) and the fiscal package (30 per cent), the minister said.
The NELP-III roadshows would be held in Delhi on April 9, in Singapore on May 27-28, in London on June 6-7, in Houston on June 10-11, and in Calgary on June 13-14, the minister said.
While in the first two rounds of the new licensing policy, around 16 per cent of the sedimentary area had been covered, the area proposed under the third round is around 9 per cent.
The minister said 47 contracts for 39 offshore and eight onland oil and gas blocks were signed under the earlier two offers. "The estimated expenditure in these 47 blocks is around Rs 9,300 crore," he said.
In order to facilitate investment and encourage potential investors, data centres were being opened in New Delhi, London and Houston, he said.
The minister said India offered one of the most attractive fiscal and contractual terms internationally. "This year, the budget proposes to bring down the income tax rate for foreign companies from 48 per cent to 40 per cent. The incentive will improve the fiscal terms for foreign investors," he added.