The Hindu : Business : IOC looking for partners for expansion

Online edition of India's National Newspaper
Sunday, Feb 17, 2008
ePaper | Mobile/PDA Version

Business

Business

IOC looking for partners for expansion

Special Correspondent

NEW DELHI:Turning aggressive on acquiring oil and gas blocks under the seventh round of the New Exploration Licensing Policy (NELP), State-run Indian Oil Corporation (IOC) is on the look-out for international players, especially from the U.S.

Reliance sources said that IOC was holding talks with global majors such as Exxon Mobil, Chevron and Petrobas to jointly bid for oil and gas blocks in the Seventh round of NELP.

IOC Chairman, Sarthak Behuria, who recently took part in the roadshows held for the NELP-VII, is learnt to have established contacts with representatives of Exxon Mobil and Chevron of the U.S. and Brazil’s Petrobas. It is understood that the company has opened negotiation channels with domestic companies such as Reliance, Gas Authority of India (GAIL), Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL) for forging future joint ventures.

Bidding

Of the 57 oil and gas blocks on offer, nine are in shallow water, 19 in deep sea and 29 onshore. IOC is looking at bidding for nine shallow water blocks on offer as an operator. The bids for NELP-VII will close on April 11.

Mr. Behuria said that IOC had bought data packages for eight to nine blocks and would be bidding on its own for the nine small blocks. For the other blocks, the IOC would need an experienced oil and gas producer to qualify for the bidding.

Printer friendly page
Send this article to Friends by E-Mail

Business