More global giants likely to bid for NELP-VII

ExxonMobil, the world's largest oil company, and ConocoPhillips and Chevron of the United States, are likely to participate in India's seventh round of the New Exploration and Licensing Policy (NELP-VII), according to Director General of Hydrocarbons V K Sibal.

This will significantly swell the ranks of international oil giants keen to
participate in the auction of oil blocks for exploration and production in
India.

None of the three participated in the sixth round of auctions in March this year, when the government allotted 55 blocks.

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Mittal violating pact with ONGC: official

Steel tycoon Lakshmi N Mittal's acquisition of 49% stake in Hindustan Petroleum's $3 billion Bhatinda refinery has violated his pact with Oil and Natural Gas Corp (ONGC) to pursue hydrocarbon opportunities exclusively with the flagship Indian firm, an ONGC official has said.

Though Mittal inked a joint venture agreement in July 2005 with the state-run firm to form ONGC-Mittal Energy for acquisition of oil and gas fields, refinery business and LNG projects, the steel czar recently decided to go it alone in investing Rs 3,300 crore in the Bhatinda refinery.

Besides, Mittal has on his own bought 50% stake in a Kazakhstan oil firm from Russia's Lukoil for $980 million and acquired 3% stake in the $6 billion Chevron-operated Olokola LNG (OK-LNG) project in Nigeria.

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RIL to divest in oil and gas arm abroad

Chevron may be the partner.

Reliance Industries Ltd (RIL) will induct a strategic partner in its overseas oil and gas projects which are being spun off into a new entity.

Sources familiar with the development said RIL is to divest 20 to 25 per cent in the Dubai-based Reliance Exploration and Production DMCC, the holding company for RIL’s foreign oil and gas projects.

Global energy major Chevron Corporation, which has equity interest in RIL’s subsidiary Reliance Petroleum, might be the preferred partner for Reliance Exploration, they added. An RIL spokesperson declined to comment.

Reliance Exploration will house RIL’s interest in a discovered oil block in Yemen and an offshore exploration block in Oman and exploration projects in northern Iraq, East Timor and Columbia.

RIL is keen to acquire gas fields in central and West Asia.

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