IL set to bag 7 prized oil blocks
NELP-VI: ONGC's bids for 16 blocks rejected.
In what could result in Reliance Industries Ltd’s virtual dominance of the deep-water Krishna Godavari and Mahanadi basins off the east coast of India, the Directorate General of Hydrocarbons (DGH) has recommended that the company be granted seven highly prized assets in the region to prospect for oil and gas.
The authority has also dealt a severe blow to state-owned Oil and Natural Gas Corporation’s plans. The DGH has rejected ONGC’s bids for a dozen deep-water and four on-land blocks, despite the company being the top ranked bidder in every asset on account of concerns over its “past performance in deep-water exploration” and on the ground that it had relinquished four onland blocks earlier.
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In what could result in Reliance Industries Ltd’s virtual dominance of the deep-water Krishna Godavari and Mahanadi basins off the east coast of India, the Directorate General of Hydrocarbons (DGH) has recommended that the company be granted seven highly prized assets in the region to prospect for oil and gas.
The authority has also dealt a severe blow to state-owned Oil and Natural Gas Corporation’s plans. The DGH has rejected ONGC’s bids for a dozen deep-water and four on-land blocks, despite the company being the top ranked bidder in every asset on account of concerns over its “past performance in deep-water exploration” and on the ground that it had relinquished four onland blocks earlier.
To Read MoreClick Here
posted by SY at 12:56 PM
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