Shri Murli Deora, Hon'ble Minister of Petroleum and Natural Gas inaugurated the first Road Show of seventh round of New Exploration Licensing Policy (NELP-VII) at Mumbai on 8th January, 2008.
He invited exploration and production companies and prospective investors to avail of the highly attractive investment opportunities being offered under NELP-VII.
Shri Deora delivered a key note address at the first ever Road Show held in Mumbai under NELP regime, to promote the highly prospective 57 exploration blocks offered for global competitive bidding.
Shri Deora stated that NELP-VII is being offered in the backdrop of 49 oil & gas discoveries which have already been made in 15 exploration blocks by accretion of in place hydrocarbon reserves of more than 600 Million Metric Tonne of oil equivalent.
Under NELP regime, natural gas production in KG basin is likely to commence from July, 2008 at the rate of 40 MMSCMD with peak production of 80 MMSCMD.
Other discoveries of ONGC and GSPC are also likely to come into production establishing the deepwater expertise of Indian companies.
It was also highlighted that every fifth block under first three rounds of NELP has proven to be oil & gas bearing, as against world average of one out of 10 blocks.
As exploration work is progressing, results of later round of NELP blocks in terms of more oil & gas discoveries will be available.
Shri Deora informed that to leverage the recent huge discoveries, which have significantly changed perceptions about the geological prospectivity of India's sedimentary basins, Government of India would undertake an effective promotional programme to highlight the attractive investment opportunities available under NELP-VII to prospective investors and to bring home to global investors the advantages that India offers under NELP as well as information on the exciting new development in E&P Sector.
Shri M.S. Srinivasan, Secretary (Petroleum & Natural Gas) explained the salient features of NELP-VII highlighting the fact that bidding for fiscal parameter has been simplified as profit petroleum bid was being sought only at the lowest and the highest pre-tax investment multiple tranches.
The profit petroleum share in between these two extremes would be calculated on a linear scale with a positive slope. Joint Secretary (Exploration), Ministry of Petroleum and Natural Gas made a presentation on the highly attractive fiscal and contractual terms offered by the Govt. of India under NELP-VII. Director General, DGH made a presentation on the geology and hydrocarbon prospectivity of the 57 blocks on offer.
Some of the important E&P companies operating in India namely ONGC, BG, RIL and Cairn Energy made a presentation to demonstrate their success stories in India's E&P Sector. They also brought out the geological highlights and hydrocarbon prospectivity in India.
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