ONGC to focus on 19 deep water blocks under NELP VII

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New Delhi, Dec 18 (UNI) State-run Oil and Natural Gas Corporation (ONGC) said it will focus on 19 deep water blocks to be auctioned under the seventh round of New Exploration Licensing policy (NELP-VII).

''Our focus will be on the 19 deep water blocks to be offered under the NELP VII,'' ONGC Chairman and Managing Director R S Sharma said on the sidelines of a function here.

After being deferred several times over the controversial gas pricing issue, the Oil Ministry had finally launched NELP-VII last week under which 57 blocks are on offer.

Of this, nine are shallow, 19 in deep sea, and 29 on land blocks.

The country's biggest oil explorer ONGC got 42 blocks out of the total 162 blocks offered under the previous round of NELP.

''We expect to maintain the trend,'' Mr Sharma said adding that the company is in talks with a slew of oil companies to jointly bid for blocks.

He added that some of them are 'oil majors' but refused to divulge the name of the firms.

It is expected that the US-based firms like Chevron, Texaco are on its radar.

He said the company may not bid for the small block under the category of Type-S which is really meant for the small investors.

The government said in order to provide small and medium exploration and production (E&P) firms, a level playing field and compete with big operators, a new type of blocks called 'Type-S' covering an area up to 200 kilometres has been introduced for the first time.

UNI

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