34 firms turn up at oil roadshow

Thirty-four companies and organisations attended the promotional roadshow at Calgary in Canada for the fourth round of bidding under the new exploration licensing policy.

The companies that attended the roadshow included Encana, the largest Canadian exploration and production company, Talisman Energy, Niko, Maersk Oil and Ventura Energy Inc, an official press release said.

Twenty-four blocks, comprising 12 deepwater blocks, 11 onland blocks and 1 shallow water block, are on offer under NELP-IV.

An inaugural roadshow was held in New Delhi on May 20 and a second roadshow was held in London on June 5.

Petroleum Minister Ram Naik said NELP-IV had been launched against the backdrop of the recent deepwater gas discoveries made in the Krishna-Godavari basin on the east coast of India. Some of these reserves are believed to be the largest explorations in the world in 2002.

During the past three years, nine discoveries with an initial in-place reserve estimate of over 300 million metric tonnes of oil plus oil equivalent gas have been made under NELP.

With the implementation of an aggressive exploration programme under NELP, more discoveries were expected to be made in future, Naik said.

Emphasising a cordial Indo-Canadian relationship, Naik spoke about an increasing trade and economic co-operation between the two countries.

Canadian companies Niko, Canoro and Geoglobal Resources are operating in the exploration and production sector in India.

The minister emphasised the attractive opportunities offered by NELP-IV and impressed upon companies to participate in the bidding process to enter into a long-term beneficial relationship by becoming a part of the country's growing petroleum sector.

J M Mauskar, joint secretary in the petroleum ministry, made a comprehensive presentation on the policy and its fiscal, legal and contractual framework.

Avinash Chandra, director-general of hydrocarbons, made a detailed presentation on the geology of the offered blocks.