Big Oil interested in Indian auctions

Thirty companies, including global oil majors like Petronas of Malaysia, Total of France, Statoil of Norway, BP and BG groups of Britain and Talisman of Canada, have shown interest in 20 oil and gas blocks on offer in the fifth round of bidding under the new exploration and licensing policy.

Besides, Cairn Energy and Niko Resources of Canada are also expected to be part of the bidding. "The response for 20 oil and gas blocks has been the most encouraging. We have had 30 companies visiting datarooms already," Petroleum Secretary SC Tripathi said at a seminar.

The recent discoveries of gas of the Bay of Bengal and oil in the deserts of Rajasthan are said to be the reason behind attracting the big names.

Domestic companies Oil and Natural Gas Corporation, Reliance Industries, Gujarat State Petroleum Corp, Oil India Ltd, Gail (India) and Bharat Petroleum are also expected to join the race.

Bids for the current offering will close on May 31. "The response has been much better than previous (four) rounds. We hope this translates into bids," said Tripathi.

Krishna-Godavari basin block KG-DWN-2003/1 where Reliance and Cairn have struck huge gas reserves, has attracted the most attention with every company buying the data package.

The two blocks in Rajasthan attracted eight companies including Niko, Petronas, Reliance, Talisman and BG. Niko is already partnering Reliance in the KG basin.