The Hindu Business Line : Govt may award NELP-VI blocks next week

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New Delhi Jan. 19 The results of the latest rounds of New Exploration Licensing Policy (NELP-VI) may be announced soon. The Petroleum Minister, Mr Murli Deora, said, "The Cabinet is likely to consider awarding blocks offered in the sixth round of bidding under New Exploration Licensing Policy next week."

The names of the first rank bidders of the 52 oil and gas blocks, including the 19 blocks that have received `extreme financial packages' recommended by the Empowered Committee of Secretaries (ECS), would be considered by the Cabinet next week.

If the Cabinet endorses the recommendations of the committee, then ONGC and its consortium are likely to get 25 blocks, Reliance Industries Ltd seven, and Oil India Ltd along with its consortium partners is likely to get seven, to name a few. Of the 55 blocks put on offer in NELP-VI, three did not receive any bid.

Duty rates

On the issue of duty rationalisation of petroleum products, Mr Deora said that he would meet the Finance Minister, Mr P Chidambaram, next week (on Tuesday) to discuss cut in excise duty on oil products. He would also request the Finance Minister to grant infrastructure status to gas pipeline projects.

On whether the Government is considering any cut in retail prices of petrol and diesel due to softening of crude prices, Mr Deora said the Government would wait for international crude prices to stabilise before announcing any cuts in domestic prices.

``We cannot take a decision on the basis of international crude price falling below $50 for a day or two. We will have to wait for the stabilisation of crude prices before taking any decision to reduce petrol and diesel prices.''

On the secretarial-level meeting on the Iran-Pakistan-India pipeline project expected later this month, the Minister said the meeting has been deferred.

The Indian crude basket after slipping below $50 a barrel at $49.85 on Wednesday reverted to $50.41 a barrel on January 18.