• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Mumbai, Jan. 8

In the next two to three years crude oil prices could reach $150 a barrel, said Mr M.S. Srinivasan, Union Secretary for Petroleum and Natural Gas.

He was addressing the delegates at New Exploration Licensing Policy-VII road show on Tuesday.

Mr Srinivasan said that given this scenario the Government is putting more efforts in oil exploration and production. In the first round of NELP only 11 per cent of the sedimentary basins were explored for oil and gas, and in the current round the figure has increased to 44 per cent. By end of the 11th five-year plan, the Government plans to explore 85 per cent of the sedimentary basins, he said.

Under the current NELP, 57 oil and gas blocks are being offered to national and international oil companies. Of the total blocks, nine are in shallow waters, 19 in deep-sea and 29 on-land. The bids for NELP-VII would close on April 11, Mr Srinivasan added.

Mr V.K. Sibal, Director General of Directorate General of Hydrocarbons, said that the Government wants global companies, including Exxon Mobil and Chevron Corp to explore for oil and gas in the country. The Government is trying its best to get the big oil companies to bid for the new blocks.

It is expecting a major increase in the number of bidders for the 57 blocks as the country has a transparent system in awarding the blocks, he said.

Mr Sibal said that in comparison to the pervious rounds, NELP-VII offers a variety of blocks, from very small onshore blocks to major deep-water blocks, he said.

Biggest public sector oil company in the country, Oil and Natural Gas Corporation plans to bid for about 40 blocks of the 57 blocks.

More Stories on : Petroleum

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Central team to visit rain-hit areas

Copyright © 2008, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line