Cairn satisfied after bagging two oil blocks under NELP-VI

New Delhi, Feb 9 (UNI) Having bagged two new exploration blocks, PR-OSN-2004/1 (Palar Basin) and KK-DWN-2004/1 (Kerala Konkan Basin), Cairn India today expressed satisfaction saying the blocks have added to its substantial portfolio.

''We're delighted to have secured further important acreage in India to add to our substantial portfolio,'' company Chief Executive Rahul Dhir said in a statement.

He said the wider petroleum industry is now looking keenly at India as a result of the discoveries made in recent years by a number of companies including Cairn.

Mr Dhir added that India was an extremely attractive place to look for oil and gas.

However, the Government yesterday awarded 55 exploration blocks -- the highest ever offering under the sixth New Exploration Licensing Policy round (NELP VI).

Cairn India and its unit Capricorn Energy submitted 12 joint bids along with ONGC, Videocon, Tata Petrodyne, British Gas and Total.

Cairn Energy India Pty Ltd, the operator, holds a 10 per cent interest in the Palar Basin with an area of 9,400 square km, while Cairn India owns 25 per cent, ONGC 35 per cent and Tata Petrodyne 30 per cent in it.

Cairn India holds a 40 per cent stake in Kerala Konkan Basin of 12,324 square km, while ONGC with a 45 per cent interest is the operator. Tata Petrodyne owns 15 per cent in this block.

In all, 165 bids were submitted for 52 blocks with a total of 68 companies bidding.

The bidding companies included 32 Indian companies and 36 foreign companies, with 20 of the foreign firms participating in the Indian bid round for the first time.

UNI