INDIA OPENS 72 TRACTS FOR EXPLORATION

India has asked for bids in its fourth round of exploration acreage awards. In all, 72 onshore and offshore blocks in 17 basins are on offer. Bidding by foreign and Indian companies is open until Feb. 29, 1992. Negotiation of production sharing contracts will commence in March-April. Contracts are expected to be in final form by October 1992.

Sept. 23, 1991

India has asked for bids in its fourth round of exploration acreage awards.

In all, 72 onshore and offshore blocks in 17 basins are on offer.

Bidding by foreign and Indian companies is open until Feb. 29, 1992. Negotiation of production sharing contracts will commence in March-April. Contracts are expected to be in final form by October 1992.

There will be no signature or production bonus. Operators will be exempt from royalty payments. They will be obligated to pay exploration costs and, in the event of commercial discovery, develop the oil or gas fields with India's Oil and Natural Gas Commission or Oil India Ltd.

A new feature in the fourth bid is that for the first time operators will be allowed to develop nonassociated gas discoveries, lay gas pipelines, and sell the gas on the domestic and international markets.