New Delhi, Dec 04: Recent oil and gas discoveries in Krishna-Godavari basin and Gujarat will make the fourth round of bidding for oil and gas blocks under new exploration licensing policy attractive for foreign investors, petroleum minister Ram Naik said today. "All these (discoveries) together have greatly enhanced the prospects of India and will go a long way towards changing perceptions about the hydrocarbon potential of the country," he said inaugurating a seminar on Petro sector here.
While the consortium of Reliance Industries and Niko Resources of Canada have discovered 7 trillion cubic feet of gas reserves in kg offshore area, Niko resources has struck gas on land near Surat in Gujarat. "These discoveries, which are a measure of success of NELP, follow a series of earlier discoveries already made in the last three years by cairn energy in the KG basin, Sanchaur basin of Rajasthan, Cambay offshore near Gujarat and ONGC's discoveries in Vasair and KG deep water," he said.
Naik said government would put on block more oil and gas blocks under fourth round of NELP by April. "These efforts are aimed at reducing import dependence by increasing indegenious production." In three rounds of bidding so far under NELP, 70 blocks have been awarded in less than 3-years.
Besides, ONGC Videsh Ltd is acquiring oil equity abroad. It has taken 25 per cent stake in greater Nile project in Sudan, which would start giving India 3 million tonnes crude oil annually from next year, he added. Bureau Report