NEW DELHI: The Cabinet Committee on Economic Affairs (CCEA) on Thursday gave its approval for award of 52 oil and gas blocks under the sixth round of the New Exploration Licensing Policy (NELP).

Oil and Natural Gas Corporation (ONGC) bagged a major share of the new blocks with Reliance Industries getting a fair share. The next round of bidding under the NELP would be taken up in April.

Briefing newsmen after the CCEA meeting, Finance Minister P. Chidambaram said that out of the 55 oil and gas blocks on offer, 52 had been approved for award, while three blocks did not attract any bidding. Of the 24 blocks awarded to ONGC and its partner, 12 were in deep water, ten onland and two in shallow water. Mukesh Ambani-owned Reliance Industries Limited (RIL) managed to get seven deep-water blocks, Oil India Limited and its consortium six and Gujarat State Petroleum Corporation and Naftogaz got three each. Australian company Santos and Essar Oil have got two each while Focus, Petrogas, Cairn Energy, Prize Petroleum and Geoglobal got one each.

The cost estimates given by the recommended bidders for their minimum work programme (MWP) in the exploration phase would be taken as benchmark for the purpose of allowing cost recovery.

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