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NELP-VII launch on Dec. 13

NEW DELHI: Steel baron India born businessman, LN Mittal, is likely to take a plunge into oil and gas exploration business by taking part in the New Exploration Licensing Policy (NELP) VII likely to be launched on December 13.

Mr. Mittal had already joined hands with Bharat Petroleum Corporation Limited (BPCL) to set up a mega oil refinery complex at Bhatinda in Punjab at a cost of Rs. 19,000 crore and another one at Vizag in Andhra Pradesh. Mr. Mittal had a meeting with the Union Petroleum and Natural Gas Minister, Murli Deora, on Saturday last and discussed with him various possibilities of investment in the oil and gas sector in India.

Under the NELP-VII, 57 oil and gas blocks will be offered for bidding. Of these, nine are in shallow water, 19 in deep-sea and 29 in on-land. Most deepwater blocks would be in the Western offshore. Bids are due on April 11, 2008, and the awards will be decided by June.

“Mr. Mittal met me on Saturday and has expressed interest in NELP-VII. I think he will bid mostly likely in a tie-up with some companies,” Mr. Deora told newsmen here on Monday.

Mr. Mittal’s company also has a joint venture with Oil and Natural Gas Corporation (ONGC) for acquiring oil properties abroad.

Mr. Deora said the first roadshow for NELP-VII would be held in Mumbai on January 8 and the overseas promotional campaign would be kicked-off towards the end of January. Roadshows are planned at a number of places, including Houston, Calgary, London and Perth.

NELP-VII had been postponed several times. It was originally due in April 2007 but the controversy over pricing of gas from blocks won under the earlier NELP rounds and the shortage of drilling rigs forced the Government to defer it several times.

After the government settled the gas pricing issue, it decided to launch NELP-VII on November 5 but was deferred due to the winter session of Parliament.

The bid evaluation criteria (BEC) has been changed this time to give more weightage to companies having experience in deep-sea exploration and production.

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