Petroleum Minister Ram Naik said the fourth round of competitive bidding under the new exploration licensing policy (NELP-IV) would be launched tomorrow.
This was announced by Naik while addressing members of the parliamentary committee attached to his ministry here today. He hoped that there would be a good response to NELP-IV in view of the recent discoveries of hydrocarbons in the country.
Naik also said the second round of coal bed methane exploration blocks would be launched on May 23 under the new coal bed methane policy, which had investor-friendly and liberal terms to attract investments.
More From This Section
The first consignment of crude from the Greater Nile project in Sudan, in which ONGC Videsh Ltd (OVL) had recently acquired equity, would arrive at the Mangalore port on May 15, he said. Deputy Prime Minister L K Advani will receive the shipment.
Naik said the event assumed great significance in view of the country's heavy import dependence and the strategic importance of uninterrupted supplies of petroleum products.
The minister expected a further fall in international oil prices because the US had declared the war in Iraq to be over. He said this should bring additional benefits to the consumer because the fall in international crude prices, following the commencement of Iraq war, led to a reduction in domestic prices of petrol and diesel on two occasions.