NELP policy to remain intact

NELP policy to remain intactGovernment is unlikely to change fundamental norms related to the New Exploration Licensing Policy (NELP) and conduct the eighth round of the auction of oil and gas blocks as per the existing policy according to Mr R. S. Pandey, Secretary, Ministry of Petroleum and Natural Gas.

Mr Pandey, in the sidelines of the NELP VIII road shows in Mumbai, said, "There is no change in policy. We are proposing no modification. Don't believe in misinformation being spread." He maintained that ongoing tussle between RIL and RNRL will not impact fresh auction of prospective gas blocks.

Meanwhile, the Union Government unveiled road show for the eighth round of auction of blocks for oil and gas exploration. Center will start bidding for 70 oil and gas exploration areas and 10 coal-bed methane (CBM) blocks, having potential to mitigate country's oil import dependence.

Mr Murli Deora, Minister of Petroleum and Natural Gas, at the inauguration of road show, said, "The Government is committed to intensify the pace of oil and gas exploration to bring 80 per cent of Indian sedimentary basin under exploration by the end of Eleventh Plan by 2011-12."

A total of 119 entities including ONGC, OIL, GAIL, IOC, HPCL, BPCL, RIL, RNRL, Essar Oil, Adani and foreign companies British Gas and Cairn participated in the road show.

Check out More news from Telecom Sector :: Pharmaceutical Sector :: Auto Sector :: Infrastructure :: Real Estate