INDIA OFFERING OIL, GAS FIELD DEVELOPMENT JOINT VENTURES

India is stepping up efforts to attract private foreign and domestic partners in upstream joint ventures.

Following disappointing results in its most recent exploration bidding round, the government will offer joint ventures with private foreign and domestic companies involving development of 43 oil and gas fields.

Among the first major projects to be available are Mukta and Panna oil and gas fields in the Bombay High area, Ravva oil and gas field in the Krishna-Godavari offshore area, and heavy oil discoveries in Rajasthan, as well as a number of smaller fields.

India also will offer 31 smaller oil and gas fields for joint venture development, with a projected private investment component of about $450 million. Combined reserves in those 31 fields are estimated at 85 million bbl of oil and 175 bcf of gas.

India plans to open more fields to joint venture development with private interests and expects to attract a total investment of $1.3-1.9 billion in 5 years.

Companies also participating in exploration in India will be given preference in bidding. That's to stimulate exploration in blocks that will be made available on a year round basis.

Foreign companies participating in the joint ventures will be given a majority stake, with the remaining interests allocated to state oil companies Oil & Natural Gas Commission and Oil India Ltd.

Deadline for bids is Dec. 31.

WHAT'S OFFERED

The medium sized fields offered are:

Mukta, Panna, R series complex, D-1, and Middle and South Tapti, in Bombay High offshore.
Bixaner, in Nagaur district of Rajasthan.
Kharsung, in Arunachal Pradesh.
Digboi-EDR and Dipling, in Assam.
Bogapani, in Samdang district of Assam.
Borbil, in Diroi district of Assam.
Ravva, in Krishna-Godavari offshore basin.

The smaller fields offered are:

D-18, B-178/B-179, B-80, B-119/B-121, and B-192, in Bombay offshore area.
G-1 and G-2, in Krishna-Godavari offshore basin.
PH-9 and BY-9, in Cauvery offshore basin.
AN-1, in Andaman offshore area.
Wavel, Bakrel, Sabarmati, Lohar, Karjisan, Baolo, Modhora, Asjel, Mahi High, Siswa, Matar, Bhandet, South Maipur, Hazira, South Patan, Indrera, Dhelka, and Cambay, all onshore Gujarat.
Tinali, Sarejini, and Dholiya, onshore Assam.