ONGC awarded 25 blocks under NELP VI oil, gas auction

08 February 2007

The government has awarded 52 oil and gas exploration blocks to domestic and overseas companies in the largest ever auction of energy assets with 165 bids having been received for 52 blocks.

Of the 55 blocks offered, three did not receive any bids.

Public sector giant ONGC headed the list with 25 blocks, while Reliance Industries received seven deepwater blocks in the gas-rich eastern offshore region.

Of the 25 blocks awarded to it, ONGC will be the operator in 24, while Cairn Energy would be the operator in an offshore block. Reliance''s seven

It attracted interest from 36 foreign firms, the largest-ever overseas response to an auction. There were no bids for three blocks.

According to V K Sibal, Directorate General of Hydrocarbons, in the initial five years from 2007 to 2012 the winners are expected to invest over $6 billion.