Business Daily from THE HINDU group of publications
Sunday, Apr 27, 2008
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Business Daily from THE HINDU group of publications Sunday, Apr 27, 2008 ePaper | Mobile/PDA Version | Audio |
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Petroleum Corporate - Overseas Investments Web Extras - Petroleum Essar E&P bids for 2 offshore blocks in Australia Pratim Ranjan Bose Kolkata, April 26 Essar Exploration and Production Ltd, a wholly-owned subsidiary of Essar Oil, has bid for two shallow-water offshore blocks in Australia. The bidding round ended on April 17 and the award is expected within a month. Mr S.R. Agarwal, CEO, told Business Line that the company has bid for 100 per cent interest in both the blocks. It has also tied up with a global E&P major for joint bidding on offshore blocks in NELP-VII in India. The bidding round was recently extended to May 16. “We have tied up with a global major having $15-20 billion market capitalisation for bidding in consortium for offshore blocks offered under NELP-VII. Essar will bid for operatorship of the consortium for shallow-water exploration blocks,” Mr Agarwal said, adding that the consortium has already identified a few blocks for participation. On whether the company is also interested in deepwater assets in consortium with its partner, he said Essar may bid for a participatory stake if the consortium zeroes in on a deepwater block. Elaborating on its ambition to emerge as a global E&P player, he said the company looked forward to participating in the upcoming bidding rounds in Angola and Yemen. While the bidding round is scheduled to open on June 2 in Yemen, it has been deferred in Angola due to election in that country. Essar group currently holds exploratory interest in several assets in India and abroad. In India the company has one offshore (Ratna-R) and four onshore assets. Among the onshore assets, the Mehsana block (CB-ON/3) in Gujarat is in the development and production stage, and the remaining three located in Assam are in various stages of exploration.
Overseas, the company was recently awarded exploration rights in one offshore block in Vietnam. It has operating interests in one onshore and one offshore block in Myanmar; three blocks in Madagascar; and one block in Nigeria. It seeks acquisition of exploratory interests in Egypt, Iran and other countries. More Stories on : Petroleum | Overseas Investments | Petroleum
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