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Monday 28 September 2009
India May Attract $5 Billion in Oil, Gas Exploration Round
India may attract as much as $5 billion in work commitments in the country’s largest auction of oil and gas areas as explorers such as BP Plc, BG Group Plc and Santos Ltd. seek new deposits, a government official said.
Explorers may bid for about 90 percent of the 70 areas offered in the eighth exploration round compared with 45 of the 57 blocks offered in the previous round, V.K. Sibal, India’s oil regulator, said in an interview today. The previous round may have attracted $3 billion, he said, based on calculations on what companies may spend to collect data and drill wells under a “work program.”
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