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Auction of discovered small fields: Is the glass half empty or half full?
Jan 09: The glass is either half empty or half full depending upon your point of view
8While some have bandied the response to the auction of 67 discovered small oil & gas fields as a big success others found the response muted.
8Although bids were received for all the onshore contract areas and on an average 4.6 bids were received per contract area, the response for offshore area was weak as only eight out of 20 contract areas received bids with average 1.8 bids per contract area receiving the bid.
8Thus, 12 offshore areas including four of KG basin which was perceived as prolific earlier did not attract any bids. Further, 14 contract areas received single bid leaving no option for the GoI to choose from and reflected lack of interest from E&P companies.
8Indian and global oil majors like Reliance Industries Ltd (RIL), BP Plc, Exxon Mobil, Chevron did not participate in the bidding process primarily due to soft oil and gas prices and small size of acreage being put on offer and the overhead cost required to bring them to production thereby making them unattractive.
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