Nelp-IX gets 74 bids,ONGC eyes 29 blocks,RIL 6

* Global energy majors stay away from the process in which 33 oil & gas blocks were put on offer.

The government has received 74 bids for 33 oil & gas exploration blocks on offer under the ninth round of New Exploration and Licensing Policy (Nelp-IX),with state-owned companies such as ONGC bidding for a lions-share of the blocks on offer. Global energy majors,however,gave the process a slip.

The Nelp-IX bidding process,which closed on Monday,saw ONGC bidding for as many as 29 blocks. Another public sector exploration firm Oil India bid for two blocks as operator. State-owned gas transportation firm GAIL India and the upstream subsidiary of Bharat Petroleum also bid for four blocks while Reliance Industries bid for six blocks. Cairn India,submitted offers for only two blocks one on-land and one offshore.

UKs BG Group tied up with BHP Billiton to bid for a deep-water block in the Mumbai basin,off the West Coast. Essar Oil bid for one onland block in the Cambay Basin,according to bid data. BP,which has just bought a 30 per cent stake in 23 Indian blocks owned by Reliance,did not put in a bid.

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India is seeking private capital and technology in hydrocarbon exploration as it currently imports about 70-80 per cent of its crude oil requirements.

The response to this 9th round (of auction) under Nelp has been more than satisfactory. It has been encouraging, petroleum minister S Jaipal Reddy said.

Petroleum secretary S Sundareshan told reporters that contracts for the new blocks could be signed in three months. Of the 34 blocks,eight are deep-water,seven shallow water and 19 onshore blocks.

Nelp,which was introduced in 1999,promises equal treatment to both public and private sector firms. The government hopes to attract investments of $14 billion from the latest auction. In the previous eight auctions,the government awarded 235 blocks.