Medco E&P, Istech Resources eye exploration blocks in India
Friday, July 1 2005 - 06:22 AM WIB
Oil and gas companies PT Medco E&P Indonesia and PT Istech Resources Asia are looking to acquire exploration blocks in India through the country?s Fifth Round of New Exploration Licensing Policy (NELP ?V), according to a press statement from the Ministry of Petroleum & Natural Gas of India released Thursday.
The two Indonesian companies together with other 45 companies have bid either on their own or as a consortium member for the 20 blocks on offer.
According to the statement, at the bid closing date of May 31, 2005, a total 69 bids for 20 blocks (18 bids for 6 deepwater blocks, 7 bids for 2 shallow water blocks and 44 bids for 12 onshore blocks) were received.
The ministry is expected to announce awards by July 31, 2005. (robert)