OGJ Newsletter

Multinational companies emerging from a downturn are getting more selective about where to invest their E&D capital, and offshore is not the automatic green light it once seemed to be.Offshore licensing rounds in Peru and India both stumbled last week, in part because of low industry interest.Perupetro has postponed its offshore bid round until after it winds up the Camisea natural gas project tender. While a government official claimed the move was intended to give priority to the Camisea megaproject-which has undergone yet another deadline extension (see story, p. 34)-industry officials in Peru told OGJ that the timing of the license round was poor, especially after Repsol recently ...

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