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Firms to invest $1.1 bn in oil exploration: Murli Deora

Firms to invest $1.1 bn in oil exploration: Murli Deora
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First Published: Wed, Jun 30 2010. 04 32 PM IST
Updated: Wed, Jun 30 2010. 04 32 PM IST
New Delhi: Oil minister Murli Deora said on Wednesday companies have committed an investment of $1.1 billion in the eighth oil and gas blocks auction round held in 2009.
Deora said, later in the day, India will be signing contracts for 31 exploration blocks awarded to 23 companies, including BHP Billiton Petroleum International, BG Exploration and Production and Cairn India in the eighth round.
“Out of (the) 31 blocks, 17 blocks are awarded to national oil companies like ONGC, Oil India Ltd and NTPC,” Deora said in his written speech at the event to sign the contracts for the blocks.
India aims to launch the ninth round of oil and gas blocks licensing in the third quarter of 2010, Deora said.
“...The total investment under the earlier NELP (new exploration licensing policy) rounds stands at $13.8 billion,” he said, referring to the earlier seven auction rounds.
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First Published: Wed, Jun 30 2010. 04 32 PM IST