India oil gas blocks auction
Published October 24th, 2007
India will launch its next auction of oil and gas exploration blocks on Nov. 5, offering more acreages and seeking more bids from oil majors, a government source said on Wednesday.
The country, Asia’s third-largest oil consumer that buys 70 percent of its crude, is keen to reduce dependence on imports.
India is expected to offer 57 exploration acreages in the latest round, the official who did not wish to be identified told Reuters.
He said India has modified bid evaluation criteria, giving additional marks for those bidding with foreign partners having experience in deepwater exploration technology.
The offer will likely include 19 deepwater blocks, off India’s west and east coasts, nine shallow water blocks and 29 onland blocks, he said.
“The blocks have been distributed throughout the country. Deepwater blocks will be off Gujarat, Saurashtra and Mumbai on the west coast,” the official said, adding east coast and one block in the Andamans make up the remaining deepwater blocks.
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