Government signs production contracts for oil and gas blocks under NELP-VI

02 March 2007

Mumbai: The government has signed production-sharing agreements with winning bidders of the 52 oil and gas blocks auctioned under the sixth round of New Exploration Licensing Policy (NELP-VI).

Oil and gas exploration under NELP-VI would involve investment of at least $5 billion, the government said.

Oil and Natural Gas Corp (ONGC) signed the highest number of production sharing contracts for 24 blocks - 12 deep sea, two shallow water offshore and 10 inland. It is also a minority partner with Cairn Energy of UK in one shallow offshore block.

Mukesh Ambani-run Reliance Industries signed contracts for seven prime deep-sea blocks, while Santos of Australia inked contract for two deep-sea blocks.

Oil India Ltd signed contracts for six inland blocks, while Gujarat State Petroleum Corp (GSPC) signed contracts for three.

Focus and Petrogas signed contracts for one shallow offshore block each, while Naftogaz won three inland blocks, including one in partnership with Anil Ambani's Reliance Natural Resources Ltd.