Managing Director, Bharat Petro Resources
Ltd., Mr. Ajay Kumar V on Wednesday announced that his company is likely to participate
in the second round of bidding process for small discovered oil fields for
exploration of hydrocarbons with consortium approach.
According to him, the company could also go
in with solo approach to take part in the proposed bidding process for
discovery of all kind of hydrocarbons in small discovered oil fields when the
government offers them for their commercial exploration in near future.
Addressing a Conference on “New E&P
Opportunities at the Backdrop of Help & Small Field Policy” under aegis of
PHD Chamber of Commerce and Industry here today, Mr. Kumar V did not detail out
the comprehensive approach with which it would takes part in the bidding
process, pointing out that detailing on this front is being worked out and
whether the consortium would have one company or more than one companies be
decided in near future.
The Managing Director, however, added that
Bharat Petro Resources could alone also participate in the bidding to explore
hydrocarbons in discovered small fields, given their potential and
possibilities of reserves of hydrocarbons in them.
Mr. Kumar V also exuded confidence that since
after the bidding process of first round, close to 30 contracts have been
signed up between various companies for development of small discovered oil and
gas fields shows the significance of these fields.
Therefore, the company is quite enthusiastic
to take part in the future bidding process with the hope that it would succeed
and partner with the government for commercial utilisation of small discovered
oil fields for a win-win situation.
The Conference was inaugurated by Dy.
Director General (E), Directorate General of Hydrocarbons, Mr. Mahendra Pratap
who explained the details of Hydrocarbon Exploration Policy 2016 of the
Ministry of Petroleum and Natural Gas, reiterating that it is one of the most
attractive policies, the success ratio of which in the first round of bidding
is quite significant.
He hoped that the Policy would bring in
sufficient investors into the country – both domestic and overseas for
development of India’s exploration and oil & gas production.
Chairman, Hydrocarbons Committee, PHD
Chamber, Mr. Rajeev Mathur in his inaugural address urged for more incentives
to facilitate investors’ entry into discovery of hydrocarbons in India in its
future ventures.
The Conference was moderated by the Principal
Director, PHD Chamber, Dr. Ranjeet Mehta in which its Managing Committee
Member, Mr. Anuj Khanna also participated.
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