Oil ministry set to sign 22 PSCs by end-March
Can it be true By the last week of March, Indian oil ministry officials predict they will be ready to sign 22 Production Sharing Contracts (PSC) out of the 25 awards made under the New Exploration Licensing Policy (NELP).
A source tells Petrowatch three PSCs will be delayed until April, because the winning parties have asked for a time extensions of up to four weeks to get internal approvals. The three concessions facing delay are: CY-OSN-97/1 (Mosbacher/Energy Equity Corporation/Hindustan Oil Exploration Company) for a 4,940 square km concession in the Cauvery basin offshore Tamil Nadu NEC-OSN-97/1 (Gazprom/Gas Authority of India) for a 10,425 square km concession offshore Orissa ARP-ONN-97/1 (GeoPetrole/Enpro India) for a 300 square km concession in the Assam Arakan basin of Arunachel Pradesh in northeast India.
Negotiations for the remaining 22 concessions are either complete or nearing completion. Company (Consortium) Production Sharing Contract Progress Report Reliance Petroleum/Niko 12 On schedule for 31st March ONGC (alone) 5 On schedule for 31st March ONGC (with GAIL) 1 On schedule for 31st March ONGC (with IOC) 2 On schedule for 31st March Mosbacher/EEC/HOEC 1 Delayed GeoPetrole/GeoEnpro 1 Delayed Gazprom/GAIL 1 Delayed Cairn Energy 1 On schedule for 31st March Oil India 1 On schedule for 31st March