Contracts 'initialled' for first CBM licensing round

Vol 6, PW 2 (27 Mar 02) News in Brief

On 11th March successful bidders in India's first coal bed methane licensing round 'initialled' production sharing contracts with the government.

Actual PSCs might still take some time as the 'initialled' contracts first need approval from the finance and law ministries before returning to Shastri Bhawan. "These are our first CBM contracts," reveals a source.

"It's best to be careful." Seven CBM blocks were offered, but bids received only for six by 31st August. Reliance won three blocks, Essar one block and an alliance of ONGC and IOC received two blocks.

Awards were announced in November last year.