Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TAX RATES - GOODS TAXABLE @ 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: empanelment :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: cpt :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: VAT RATES :: form 3cd :: due date for vat payment :: list of goods taxed at 4% :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
« From the Courts »
 Group M. Media India Pvt. Ltd vs. UOI (Bombay High Court)
 Shreemati Devi vs. CIT (Allahabad High Court)
 Vatsala Shenoy vs. JCIT (Supreme Court)
  Dr. Gautam Sen vs. CCIT (Bombay High Court)
 Dr. Gautam Sen vs. CCIT (Bombay High Court)
 DCIT vs. Shivshankar R. Sharma (ITAT Mumbai)
 ACIT vs. Jawaharlal Agicha (ITAT Mumbai)
 CIT vs. M/s. D. Chetan & Co (Bombay High Court)
 Makes further amendments to Notification no. 157/90-Customs dated 28th March, 1990 regarding temporary admission under the ATA Carnet
 Appointment of Common Adjudicating Authority by DGRI - 2/2016-Customs
 ransfers Of Hon’ble Members Of The ITAT (September 2016)

Top names show up to dig for oil
July, 01st 2008

India hopes to attract investments of around $3 billion in exploration of oil and gas in blocks offered under the seventh round of the New Exploration Licensing Policy (Nelp VII), for which 181 bids were received from 99 companies, the most under any auction.

Of the 57 blocks on offer, 12 blocks did not receive any bids. These were recycled blocks, or blocks which were offered in previous Nelp rounds and had not found any bidder.

Global majors such as BHP Billiton, the world's largest mining company, and British Petroleum, the third largest oil company in the world, bid for blocks for the first time. British Gas, which won a block in Nelp VI, also bid. Nine global companies, which had not participated in previous Nelp rounds, bid under this round.

"The number of bids has been the highest. The auction has been successful," said VK Sibal, the head of the Directorate General of Hydrocarbons, the government agency which oversees the Nelp auctions. The blocks are likely to be awarded by August 31 this year, said Minister of State for Petroleum and Natural Gas Dinsha Patel.

BHP Billiton bid for seven deepwater blocks in a consortium with infrastructure company GVK and has provisionally won all the bids. British Petroleum bid for two blocks in a consortium with Oil and Natural Gas Corporation (ONGC), India's largest oil producer, and for one block with Reliance Industries, which operates the world's third-largest refinery in Gujarat.

However, ExxonMobil, the world's largest oil company which had bought geological data for the blocks, abstained from bidding.

Almost 60 per cent of the bids 106 of the total 181 were in small blocks, called S-Type blocks. Companies bidding for these blocks do not need to have the technical capability or experience in oil and gas exploration to bid. "It is a good sign as many non-oil companies now get the chance to enter the sector," Sibal said.

The bids were received in spite of the finance ministry withdrawing a crucial income tax holiday on gas production. "The investors were looking for clarity on the tax situation, and we clarified that income tax on oil production would continue, while that for gas production would not," said AK Jain, joint secretary (exploration), in the petroleum ministry.

India is looking to attract global oil companies such as Exxon, Chevron and Shell to bid for blocks in the country as it strives towards energy security. The country, the third largest consumer of oil in Asia, imports almost 78 per cent of its crude oil requirement.

It is looking to boost domestic oil production and reduce imports, even as its import price rose to an all-time high of $136.66 per barrel on Friday, the latest day for which data are available.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Mission

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions