Rocksource for drilling holiday

Vol 13, PW 18 (25 Feb 10) News in Brief

Norwegian explorer Rocksource is the first foreign explorer to publicly add its voice to growing calls for the Indian government to sanction a â€کdrilling holiday’ across more than 30 deepwater exploration blocks.

Rocksource said on February 16 that it welcomes the government’s January 4 decision to approve the company’s 10% stake in the CY-DWN-2001/1 offshore block but that Rocksource would only “sign the PSC once the government of India grants the Rig Moratorium and other commercial conditions are agreed with operator ONGC.â€‌ PETROWATCH learns a draft cabinet â€کnote’ prepared by the oil ministry on a two-year old request from ONGC and Reliance for a deepwater drilling holiday is gathering dust in the office of oil ministry director exploration Sanjay Gupta.

No one is brave enough to predict the time it will take for the file to snake its way from Gupta’s desk to oil secretary S. Sundareshan and finally to the cabinet for approval.