| "We are a hydrocarbon potential country and just about to become a hydrocarbon-rich country. We have a hydrocarbon resource base of 30 billion tonnes or 225 billion barrels of oil and oil equivalent gas waiting to be discovered," the minister said confidently at the first roadshow at Petrotech 2005 to explore for oil and gas in 20 blocks on offer in the fifth round of bidding under the New Exploration Licensing Policy. |
| The minister said that the government would try to ensure that the winners of the bids could "wet their feet" by January 1, 2006. |
| Aiyar said that the government intended to finalise the awards by the end of July "" which would be within 60 days of close of bids. He also set a deadline of September 30 for signing of contracts. |
| "I would want to sign the contract on October 2, Mahatma Gandhi's birthday, but September 30 is fine.... I would like those, who are awarded contracts, to use the 60 days between the award of contracts and signing of the agreements to get other clearances," he said. |
| Aiyar also said that the government would try to streamline procedures before the next round of bidding for oil blocks. He also announced a single-window mechanism for grievance redressal and the establishment of two committees "" one under the minister and the other headed by the secretary "" to remove roadblocks. |
| Nothing succeeds like success and Aiyar will be showcasing the finds of Cairn Energy in Rajasthan and Reliance in the Krishna Godvari region while inviting international firms to bid under the New Exploration Licensing Policy. |
| Tuesday's roadshow in New Delhi featured presentations by BG India chief executive Nigel Shaw, Cairn Energy director (exploration) Mike Watts and Reliance Industries vice-president (exploration) Ravi Bastia. |
| The marketing pitch Aiyar, a self-proclaimed socialist, would be aired at similar shows in London, Dubai, Houston and Calgary through these companies. |
| In addition, a team of officials and company executives would also make individual presentations to companies, as and when asked to do so. |
| The minister has been taking Watts' name to bring home the point that there is oil in India. The 48-year-old Watts began his career in Shell International in 1980 and since then he has been associated with exploration in the South Asian region. He quit Shell to join Burmah Oil Exploration and Premier Oil and then became the managing director of Holland Sea Search in 1991. |
| A BSc in geology and a PhD in structural geology, Watts is believed to have left Shell when it gave up in Rajasthan while looking for oil. Now Cairn has not only found oil but also sees a possibility of commercial gas in Barmer region of Rajasthan. |
| Reliance success is also being made good by Aiyar who said today that the first well was about to spud in block NEC-26 next to Reliance Industries gas bearing NEC-25 block off the Orissa coast. |
| India, he said, offers 100 per cent foreign direct investment in oil and gas exploration and production, transparent and stable policy regime, single window clearance and international best practices. |
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