India awards 16 #exploration blocks, 8 of which are #deepwater

The Indian cabinet approved the award of 16 oil and gas exploration blocks last week, of which 8 are believed to be deepwater.

The government received bids for 33 of 34 blocks – 8 in deepwater, 7 in shallow water and 19 onshore – through an auction that was held in March last year. Reports show that most of the previous licensing rounds have been dominated mostly by the state-run companies.

At the same time, since India is seeking exploration opportunities to secure supply to meet its growing domestic energy needs, the state is encouraging local enterprises to buy stakes in oil and gas projects abroad as well.

At Terrapinn’s Deepwater World Asia 2012 that will be held in Singapore from 15-18 October 2012, meet the countries in Asia that are awarding exploration blocks to foreigners and locals to develop their deepwater resources. To find out how you can showcase your exploration block or invite partners to work with you, download the prospectus here.