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MarketWatch: India government says 72 cos attend Houston oil, gas block roadshow

Last Update: 11:43 AM ET Mar 31, 2006
NEW DELHI (MarketWatch) — As many as 72 international companies, including global energy majors – ExxonMobil Corp. (XOM), Chevron Corp. and Royal Dutch Shell PLC participated in a roadshow at Houston showcasing India's latest oil and natural gas exploration blocks, the Indian government said in a statement Friday.
“Response to the roadshow was upbeat and positive as many companies have already booked data at the Houston data center,” the statement said.
Some 55 oil and gas blocks are being offered by the Indian government for exploration under the sixth round of the government's New Exploration Licensing Policy, or NELP-VI.
The government is offering 24 deepwater blocks, six shallow-water blocks and 25 onshore blocks under NELP-VI. The bidding for NELP-VI blocks will close Sept. 15.
India has awarded 110 blocks through an international competitive bidding process under five previous rounds of NELP, to boost the country's oil and gas production.
India currently imports 76% of the crude oil it processes, as current domestic crude output is stagnating around 33 million metric tons a year.
Natural gas sold in the country is around 90 million cubic meters a day, which only meets around 60% of the local demand.
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