Deora showcases 55 oil, gas blocks in London

Launching a major global initiative for attracting foreign investment in the hydrocarbon sector, India today held a roadshow here for auctioning 55 oil and gas exploration blocks.

Minister for Petroleum and Natural Gas Murli Deora offered for sale onshore and offshore blocks to potential investors, including Brazil's Petrobras, UK's BP, and Malaysia's Petronas.

Of the 55 blocks available for bidding in the new exploration licensing policy "" the sixth round (Nelp VI), and the coal-bed methane "" third round (CBM III) of bidding in India, 24 are in deepwater, six in shallow water and 25 onshore. As many as 10 onshore blocks are available under the CBM III round of bidding, he said.

"Recent explorations in the Krishna Godavari basin off the east coast and Rajasthan have proved that India has large reserves of hydrocarbons, so this is a good opportunity for investors," Deora said at the roadshow held at the Hilton Paddington in London.

He explained the overhaul of the bidding criteria and industry regulatory structure. A new law passed by Parliament recently sets up a gas regulatory structure, the absence of which had deterred foreign investors previously.

India imports about 72 per cent of its energy requirements and, in an economy growing at 8 per cent, the country is under increasing pressure to boost energy security.