Big Oil coming to India, finally

Chemical News: Big Oil coming to India, finally

https://www.chemnet.com Aug 06,2007 Business Standard
Exxon, Chevron & Conoco may participate in NELP-VII.
ExxonMobil, the world’s largest oil company, and ConocoPhillips and Chevron of the United States, are likely to participate in India’s seventh round of the New Exploration and Licensing Policy (NELP-VII), according to Director General of Hydrocarbons V K Sibal.

This will significantly swell the ranks of international oil giants keen to participate in the auction of oil blocks for exploration and production in India.

None of the three participated in the sixth round of auctions in March this year, when the government allotted 55 blocks.

More global giants lining up bids is being seen by government officials as proof that scepticism over the Indian exploration and production market is over.

“All leading international companies are heading to India as there are sufficient resources and market within the country," said one.

In the six rounds of NELP so far, only eight international majors submitted bids, of which Australia’s Santos, UK-based Cairn Energy and British Gas won exploration blocks.
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