While addressing the delegates at the New Exploration Licensing Policy-VII roadshow in Mumbai, Mr. M.S. Srinivasan, Union Secretary for Petroleum and Natural Gas stated that crude oil prices could reach $150 per barrel by the next two to three years.

Under the recent NELP, a total of 57 blocks are on offer to national as well as international oil companies.

Of the total blocks, 29 are onland and 19 deep water blocks. The number of shallow water blocks on offer this year is 9.

Mr. Srinivasan added that the bids for NELP-VII would close on April 11, 2008.

During the last year (2007), there were 6 shallow water blocks, 21 deep water blocks and 25 onland blocks on offer.
 
Mr. V.K. Sibal, Director General of Directorate General of Hydrocarbons told that the administration wants international companies such as Exxon Mobil and Chevron Corp to search for oil and gas in the country.

The Government is making every possible effort to induce the big oil majors to bid for the new blocks.

It is anticipating a big increase in the number of applicants for the 57 blocks as the country has a transparent system in awarding the blocks, Mr. Sibal said.

Mr. Sibal also said that as compared to the earlier rounds, NELP-VII provides various blocks, from very small onshore blocks to major deep-water blocks.

The country’s biggest public sector oil company, Oil and Natural Gas Corporation plans to bid for around 40 blocks.