MUMBAI: India on Saturday relaunched its largest ever auction of oil and gas exploration areas, aiming to attract $3-4 billion investment towards
boosting energy security.
Petroleum minister Murli Deora kick-started the offer of 70 oil and gas exploration areas in the 8th edition of new exploration licensing policy (NELP) and 10 coal bed methane (CBM) blocks with the first roadshow in Mumbai.
"NELP can be portrayed as India's success story in our endeavour to achieve self-sufficiency in hydrocarbons," he said at the promotional roadshow.
Under NELP, 71 oil and gas discoveries have already been made in 21 exploration blocks by accretion of in place hydrocarbon reserves of more than 600 million tonnes of oil equivalent, he said.
"Major natural gas production in KG basin commenced from April. With this, the gas production in the country would be doubled, and in monetary terms it would be about $42 billion."
Total committed investment in NELP rounds for exploration so far is around $10 billion, out of which $5.3 billion in exploration has been made. Further, $6.6 billion will be invested towards development of the exploration and production sector.
Deora said the last date of bidding for the nation's largest ever auction of oil and gas blocks is October 12.
Petroleum minister Murli Deora kick-started the offer of 70 oil and gas exploration areas in the 8th edition of new exploration licensing policy (NELP) and 10 coal bed methane (CBM) blocks with the first roadshow in Mumbai.
"NELP can be portrayed as India's success story in our endeavour to achieve self-sufficiency in hydrocarbons," he said at the promotional roadshow.
Under NELP, 71 oil and gas discoveries have already been made in 21 exploration blocks by accretion of in place hydrocarbon reserves of more than 600 million tonnes of oil equivalent, he said.
"Major natural gas production in KG basin commenced from April. With this, the gas production in the country would be doubled, and in monetary terms it would be about $42 billion."
Total committed investment in NELP rounds for exploration so far is around $10 billion, out of which $5.3 billion in exploration has been made. Further, $6.6 billion will be invested towards development of the exploration and production sector.
Deora said the last date of bidding for the nation's largest ever auction of oil and gas blocks is October 12.
NKorean ship entered India due to mechanical fault: Captain
PORT BLAIR: The North Korean cargo ship which illegally entered the country's territorial waters had done so due to mechanical problems, its
captain claimed on Saturday.
The captain said this during interrogations, according to sources in the Coast Guard (CG), which intercepted the sugar-laden ship near Little Andaman island, 200 nautical miles south of here.
The interrogation of the captain, whose name was not given out, and that of the ship's 38 other crew was continuing here and more details are expected.
The ship has been detained under heavy security at Little Andamans, where it was spotted anchored, the sources said.
'M V San' carrying 16000 mt sugar from North Korea to the Middle East was intercepted by the CG on Wednesday at around 5 pm after it was spotted without information to the authorities either of its route plan or its anchoring inside the country's territorial waters.
As the Navy and CG's efforts for a radio response from the vessel failed, the CG sent out one of its aircraft to check on the vessel. A radio signal from the aircraft too did not get a reply, forcing the Navy and CG to send their patrol ships to the vessel.
Navy and CG personnel visited the cargo vessel, boarded and conducted a search on it. Later, the vessel was seized and brought here for questioning of its crew members, the sources said.
The captain said this during interrogations, according to sources in the Coast Guard (CG), which intercepted the sugar-laden ship near Little Andaman island, 200 nautical miles south of here.
The interrogation of the captain, whose name was not given out, and that of the ship's 38 other crew was continuing here and more details are expected.
The ship has been detained under heavy security at Little Andamans, where it was spotted anchored, the sources said.
'M V San' carrying 16000 mt sugar from North Korea to the Middle East was intercepted by the CG on Wednesday at around 5 pm after it was spotted without information to the authorities either of its route plan or its anchoring inside the country's territorial waters.
As the Navy and CG's efforts for a radio response from the vessel failed, the CG sent out one of its aircraft to check on the vessel. A radio signal from the aircraft too did not get a reply, forcing the Navy and CG to send their patrol ships to the vessel.
Navy and CG personnel visited the cargo vessel, boarded and conducted a search on it. Later, the vessel was seized and brought here for questioning of its crew members, the sources said.
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