Ishar Gasoil, which bid for three oil and gas blocks under the ninth round of the New Exploration Licensing Policy (NELP), failed to secure these blocks as the Cabinet Committee on Economic Affairs (CCEA) rejected them.
Owing to the company’s negative net worth, its bids for the blocks RJ-ONN-2010/1, GV-ONN-2012/1 and CB-ONN-2010/2 had been rejected, Finance Minister P Chidambaram said.
Two blocks have been awarded to the second qualifying bidders, GAIL India and its consortium and Deep Energy consortium.
The consortium of GAIL (India), Bharat Petro Resources (BPRL), BF Infrastructure (BFIL) and Monnet Ispat & Energy (MIEL) received the block RJ-ONN-2010/1.
Block CB-ONN-2010/2 was awarded to Consortium of Deep Energy LLC (DEL), Deep Natural Resources (DNRL) and Safal WSB Energy (SWEPL).
The third block was not awarded as there was no second bidder. Since there is no other bidder for the block GV-ONN-2012/1, this block will not be awarded at all, the minister said.
Chidambaram added that the decision was taken after considering the submissions made by the company, the view of Directorate General of Hydrocarbons (DGH) and recommendations of the Empowered Committee of Secretaries (ECS).