In a significant move, over $1.49 billion minimum investment has been committed in oil and gas hunt in 45 blocks, bids for which were received in the latest auction under NELP. The Phase I investment commitment includes $321.15 million for exploration in deep sea, $598.255 million for exploration in shallow waters and $572.75 million has been committed for onland blocks, according to a presentation on bid evaluation done by directorate general of Hydrocarbons (DGH).

The investment committed for Phase II and III, which are optional only upon a discovery, was not stated in the presentation. Of the 57 blocks offered in NELP-VII, bids were received for 45. Besides seismic surveys, 141 exploration wells have been committed in the mandatory Phase I by the winning firms. The DGH has recommended to the government to award seven out of the 12 deep water blocks to the consortium of BHP Billiton and GVK Oil and Gas.

Two blocks have been recommended for ONGC-GSPC consortia, while one block each would go to Cairn Energy, Reliance Industries-British Petroleum JV and ONGC-Oil India consortia. Of the shallow water blocks, the consortia of ONGC, GSPC and HPCL-Mittal Energy emerged winners for two Krishna Godavari basin blocks. ONGC-GSPC, Adani Welspun and Essar-Nobel were recommended winners for one shallow water offshore block each.

ONGC and its partners were recommended for 11 onland blocks, while the consortia of OIL, HOEC and HPCL- Mittal Energy were recommended for a Rajasthan block. Indian Oil Corp, Omkar Natural Resources, Vasundhara Resources, EnSearch Petroleum, GAIL and Quest Petroleum were other recommended winners for onland blocks.

ONGC and partners bagged the maximum number of oil and gas exploration blocks offered by India in its largest ever international bid round that closed on June 30. First timers BHP Billiton and GVK Power emerged winners in seven deep sea blocks. Reliance Industries forged an alliance with British Petroleum but could manage only one Krishna-Godavari basin block. Of the 57 areas offered in the seventh round of bidding under New Exploration Licensing Policy, seven deep sea, two shallow water and three onland did not receive any bid.