ONGC, the biggest winner under NELP-IX

The Petroleum and Natural Gas Ministry, on Wednesday, signed Production Sharing Contracts (PSCs) for the newly awarded 16 oil and gas blocks under the IX round of New Exploration Licensing Policy (NELP), with Oil and Natural Gas Corporation (ONGC) emerging as the biggest winner with six blocks. However, ONGC saw its bids being rejected for eight blocks, including five deep-sea, for various reasons. The government had offered 34 blocks — eight deep water blocks, seven shallow water blocks, 11 on-land blocks, and eight Type-S (or small) on-land blocks, in NELP-IX. Bids were received for 33 blocks on close of auction on March 28. Mr. Chaturvedi told journalists that bids for seven deep-sea blocks and three shallow water blocks were rejected. He said the award for five onland and two shallow water blocks to companies was put off due to bidders not meeting the eligibility criteria. Deep Energy, a subsidiary of U.S.-based Deep Industries, won three onshore areas and Sankalp Oil and Natural Resources three areas each. Focus Energy, Pratibha Oil and Natural Gas and Pan India Consultants got one onland block each.