ONGC submits bids for 45 blocks in NELP VI

15 September 2006

Mumbai: Oil and Natural Gas Corporation (ONGC) has bid for the maximum number of oil and gas blocks offered under the sixth round of auction under the New Exploration Licensing Policy (NELP). ONGC placed bids for about 45 of the 55 oil and gas blocks on offer in NELP VI.

ONGC has teamed up with BP, BG, ENI for bidding for deep-sea block and wit Cairn Energy, GAIL, HPCL and Oil India for other offshore and on-land blocks.

The sixth round of NLEP also witnessed a new trend of multiple tie-ups among bidders.

The state-owned GAIL (India) Ltd has tied up with as many as 16 domestic and foreign firms to bid for around 20 out of the 55 blocks on offer.

As of now, GAIL and ONGC seem to be the only two companies to have entered into maximum of tie-ups for blocks on offer under NELP-VI.

Reliance Industries has submitted bids for about 20 blocks while Anil Ambani Group''s RNRL placed bids for 12 blocks (none of them being deep water blocks). The Anil Ambani group tied up with Ukraine''s Naftogaz for putting in the bids.