Government for fast track decisions in oil and gas

New Delhi, Apr 4 (UNI) Minister of State for Petroleum and natural Gas, Dinsha Patel said that under the Coal Bed Methane (CBM-111) Policy, decision makings would be on a fast track whereby the CBM blocks would be awarded in two months from the bid closing on 30th June 2006.

Speaking at the Road Show to promote 10 coal bed methane blocks offered for global bidding under third round of the Coal Bed Methane (CBM-III) policy at Brisbane Mr Patel assured that the fast track decision making in oil and gas sector would be ensured.

He said the CBM blocks would be awarded in two months from the bid closing on 30th June 2006. The contracts would be finalized and signed within two months thereafter.

The Road Show was attended by 14 Exoloration and Production (E and P) companies including those active in CBM exploration and production. The positive response to the offer is indicated as Data Room at Brisbane for CBM III has already been booked by the companies.

Among the companies who attended the Road Show were Beach Petroleum, Queensland Gas Company, Arrow Petroleum, Santos Petroleum, BHP etc.

He also reiterated the investment-friendly market in India and called upon the corporate entities from world over, particularly from Australia, to take advantage of present attractive investment opportunity offered by India. The Minister stressed that an endeavour has been made to give operational freedom to the companies, reduce the number of approvals and streamline procedures and processes. ''We have tried to continuously improve our terms and provide clarity in our contracts while maintaining complete transparency in our entire bidding process'' Mr Patel said.

A senior Representative of Queensland and former Premier of the province, Mr Mike Ahern, in-charge South Asia and China for Mineral Resources also endorsed the bright potential of the investment opportunity in the CBM-III blocks offered by India. He said that the Australian companies should make use of these opportunities.

Queensland is a major centre for exploration&production of CBM in Australia, besides New South Wales.

Mr Patel had one-on-one meeting with Mr McCarthy Head of the Department of Mineral Resources. Mr Carthy asured that he would encourage Australian companies to utilize the impressive investment opportunity in the form of CBM-III. He felt that companies from Australia should not only participate in oil and gas sector but also in the mining sector in India. Mr McCarthy opined that gas prices realised in India is much more than in Australia, making it even more attractive for investors.

The CBM-III offer was announced on 23rd February 2006. The first Road Show to promote these blocks was - held in New Delhi on 3rd march 2006 while the second was held at Houston on 31st March 2006.

UNI RT SS BS1819