Pakistan & Indian petroleum ministers discuss gas pipeline project

Pakistan & Indian petroleum ministers discuss gas pipeline project

LONDON: Petroleum Ministers of India and Pakistan held discussions here on a multi-billion-dollar gas pipeline project involving the two countries and Iran, with both sides expressing their keenness to put it on stream. Petroleum and Natural Gas Minister Murli Deora was invited by his Pakistani counterpart Ahsan Ullah Khan to visit Islamabad to sort out various issues outstanding because of which the pipeline is pending, during their meeting held at the Crowne Plaza Hotel here yesterday. Deora assured the Pakistani minister that "India is keen" on the 2,775-km pipeline and issues like the transit fees and strategic investment should be sorted out. Khan, who is accompanying President Pervez Musharraf during his current visit to Britain, insisted that "Pakistan is equally keen that the project is put on stream," said, official sources. Though New Delhi and Islamabad have reached an understanding on the transportation tariff payable to Pakistan, the two nations have not yet arrived at any agreement on payment of a separate transit fee to Pakistan for using its territory. Three-fourth of the pipeline will be passing through Pakistan which will also use the pipeline for providing gas to its consumers. The pipeline is to be laid in the three nations separately. Iran would lay a 1,100-km pipeline from the Persian Gulf to the Iran-Pakistan border, while Pakistan would lay a 1,035 km from its border with Iran to the Indian border. India would then pipe the gas to consumption centres. The total cost of the project was estimated to be over seven billion dollars in 2006.

Source - Economic Times

Cairn India Speeds Ahead with an Improved Output

Cairn India Speeds Ahead with an Improved Output
by Mark Williamson, Newsquest Media Group The Herald Wednesday, January 09, 2008
The head of Cairn Energy's Indian subsidiary said its key discovery in Rajasthan was now expected to produce oil at a much faster rate after it went on stream quicker than scheduled. Rahul Dhir, chief executive of Cairn India, said the company had submitted a revised report for the Mangala field to regulators in which it forecast output of 125,000 barrels per day.

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That compares with an original plan of around 100,000 bpd. While the company has not increased estimates of reserves, the revised plan holds out the prospect that Cairn India will realise the gains from its huge investment in Rajasthan faster than expected. This will provide a boost for the company's Edinburghbased parent. Cairn Energy retained a 69% holding in the Indian subsidiary after it floated on stock exchanges in that country last year. Cairn India expects to have Mangala onstream in 2009. It forecasts production from Mangala and three other fields in Northern Rajasthan will eventually plateau at 150,000 bpd. The fields are expected to produce for 25 years. Cairn India owns 70% in the Rajasthan block, while state-owned Oil and Natural Gas Corporation has the remaining 30%.

Cairn Performs P&A on Bangladesh Well After Disappointing Drilling

Cairn has completed the drilling of the Magnama-1 exploration well in Block 16 offshore Bangladesh. Drilling was performed by Deep Driller 5.
Magnama-1 was drilled at a crestal location to a total depth of 4,003 meters BRT with the primary objective of evaluating the potential for gas in abnormally high pressured sands beneath those productive at Sangu and elsewhere in the basin.
The well encountered a series of well developed sands in the deepest section drilled but these were not gas charged and the well is now in the process of being plugged and abandoned. Magnama-1 also encountered a number of thin gas bearing sands which may be subject to further evaluation at a later date.
The Block 16 Joint Venture will next drill the Hatia-1 exploration well, which is located 12 kilometers northwest of Sangu. It is currently expected that drilling on Hatia-1 will commence shortly.

Source - Cairn Energy Friday, January 04, 2008

Hinduja and Ongc to Invest U.S. $20 Billion in Iran

Hinduja Group is on the verge of concluding India's biggest energy deal for developing oil and gas fields in Iran and setting up a refinery and LNG terminal in India involving a total investment of U.S. $20 billion. Hinduja, together with state-run ONGC's overseas arm ONGC Videsh Ltd, will court Iranian firms to invest U.S. $8 billion in developing the 40 billion barrels Azadegan oilfield and Phase-12 of the giant South Pars gas field.


Switzerland-registered Naftiran Intertrade Co, a unit of National Iranian Oil Co, has been offered a stake in the 15 million tons oil refinery, one million tons petrochemical plant and 7.5 million tons LNG receipt facility planned by Hinduja-ONGC at an investment of over U.S. $10 billion at either Kakinada in Andhra Pradesh or Mangalore in Karnataka. Sources said an Iranian delegation comprising heads of Petropars, the subsidiary of NICO that has been awarded development rights for South Pars Phase-12, and PetroIran, another subsidiary of NICO that owns 90% development rights of Azadegan oilfield, made considerable progress towards concluding project agreements with Hindujas-OVL. The Indian consortium of Hinduja Group and OVL will get 60% stake in development of South Pars Phase-12 and just over 50% in Azadegan field, they said, adding a contract for the same will be signed within two months. Azadegan field will produce 150,000 barrels per day of oil in first phase that would double subsequently, while South Pars Phase-12 will produce 12 million tons of gas that will be converted into LNG at a two-billion dollar facility. Hinduja-ONGC have sought supply commitment for the entire oil produced from Azadegan field and 7.5 million tons of LNG from South Pars Phase-12.
Source - Asia Pulse Pte Ltd Friday, January 04, 2008

$34B more in write-downs for Citibank, Chase and Merrill

Citigroup Inc., JPMorgan Chase & Co. and Merrill Lynch & Co. may write down an additional $34 billion in securities linked to the collapse of the subprime mortgage market, according to Goldman Sachs Group Inc.Citigroup, the biggest U.S. bank, may reduce the value of its holdings by $18.7 billion in the fourth quarter and cut its dividend 40 percent, Goldman analyst William Tanona said in a Dec. 26 report on the New York-based companies. JPMorgan Chase & Co., the third-largest U.S. bank, may write off $3.4 billion, double Goldman's previous estimate. Merrill Lynch & Co. may reduce its holdings by $11.5 billion, he wrote.Losses and write-downs at the world's biggest banks and securities firms total $97 billion this year, according to data compiled by Bloomberg. The market for collateralized debt obligations, loans packaged into new securities, has dried up after surging subprime mortgage defaults led to rating downgrades and convinced many investors to buy only the safest debt.
"It will be a couple of quarters before the current credit crisis is fully digested by the markets," wrote Tanona, who has a "sell" rating on Citigroup's stock and a "neutral" rating on JPMorgan and Merrill.Meanwhile, Merrill Lynch plans to announce about 1,600 layoffs after disclosing fourth-quarter write-downs, CNBC reported yesterday.The layoffs are likely to be in trading positions and related areas and will not likely include the investment banking or private client groups, the cable channel said.Merrill Lynch had about 64,000 employees at the end of September, so 1,600 layoffs would represent less than 3 percent of its workforce.A spokeswoman for Merrill Lynch was not immediately available for comment.Shares of Citigroup, which has fallen 47 percent this year, dropped 89 cents to $29.56 yesterday. JPMorgan, down 9.7 percent this year, fell $1.30 to $43.64. Merrill Lynch declined $1.34, or 2.5 percent, to $53.20.Citigroup is trying to preserve capital after reporting a 57 percent drop in earnings for the third quarter and forecasting as much as $11 billion in losses and write-downs in the fourth quarter. The New York-based bank, which pays a 54-cent dividend, will have to raise $6.2 billion to meet its capital needs, according to Tanona.

Source - Combined wire services
December 28, 2007 Copyright © 2007, Newsday Inc.
Link of the News - http://www.newsday.com/business/ny-bzbank285516510dec28,0,2331525.story

Why Invest In Indian Real Estate?

Flying high on the wings of booming real estate, property in India has become a dream for every potential investor looking forward to dig profits. All are eyeing Indian property market for a wide variety of reasons:
1)It’s ever growing economy which is on a continuous rise with 8.1 percent increase witnessed in the last financial year.
2) The boom in economy increases purchasing power of its people and creates demand for real estate sector.
3)India is going to produce an estimated 2 million new graduates from various Indian universities during this year, creating demand for 100 million square feet of office and industrial space.
4)Presence of a large number of Fortune 500 and other reputed companies will attract more companies to initiate their operational bases in India thus creating more demand for corporate space.
5)Real estate investments in India yield huge dividends. 70 percent of foreign investors in India are making profits and another 12 percent are breaking even.
6)Apart from IT, ITES and Business Process Outsourcing (BPO) India has shown its expertise in sectors like auto-components, chemicals, apparels, pharmaceuticals and jewellery where it can match the best in the world.
These positive attributes of India is definitely going to attract more foreign investors in the near future.
The relaxed FDI rules implemented by India last year has invited more foreign investors and real estate in India is seemingly the most lucrative ground at present. The revised investor friendly policies allowed foreigners to own property, and dropped the minimum size for housing estates built with foreign capital to 25 acres (10 hectares) from 100 acres (40 hectares). With this sudden change in investment policies, the overseas firms can now put up commercial buildings as long as the projects surpass 50,000 square meters (538,200 square feet) of floor space.
Indian real estate sector is on boom and this is the right time to invest in property in India to reap the highest rewards.
Global majors in Indian real estate
Policy changes introduced by the Government in February 2005 allowed 100 per cent foreign investments in construction projects with fast-track approvals. But the real attraction for foreign investors is potential investment returns of 25 per cent and more in Indian projects that might be hard to come by in the US and in Western Europe today. A report by property consultants Jones Lang LaSalle estimates that US$ 10 billion foreign investment will be injected into the Indian real estate sector in the next 12-18 months. International companies like Ayala of the Philippines, Signature from Dubai, Och-Ziff Capital, EurIndia and Old Lane have indicated their interest in entering the Indian real estate market soon. On the cards is sizeable FDI inflow from Malaysia, followed by the UK, US, Israel and Singapore.
Industry sources say over 90 foreign investors are already in the country tapping investment avenues. Nearly two dozen US funds are raising US$ 3.5 billion for investments in Indian realty. Those raising the funds include Wall Street powerhouses such as the Blackstone Group (US$ 1 billion) Goldman Sachs (US$ 1 billion), Citigroup Property Investors (US$ 125 million), Morgan Stanley (US$ 70 million) and GE Commercial Finance Real Estate (US$ 63 million). Others raising funds are JP Morgan, Warburg Pincus, Merrill Lynch, Lehman Brothers, Warren Buffett’s Berkshire Hathaway, Colony Capital and Starwood Capital. In mid-2007, Morgan Stanley closed a deal worth about US$ 150 million with Oberoi Constructions in Mumbai. The Nakheel Group in Dubai entered into a US$ 10 billion deal with DLF for residential projects in Tier I and II cities. This was followed by three financial institutions -- Khaleej Finance and Investment (KFI) from Bahrain, Kuwait Investment Company (KIC) and Kuwait Finance House (KFH) -- from the Middle East promoting a US$ 200 million fund for investing in India. Called the 'Indian Private Equity Fund', it targets activities with controlled risks in growing sectors like real estate. Close on its heels, California Public Employees’ Retirement System entered India, investing US$ 100 million in a US$ 400-million real estate fund promoted by IL&FS. Ascendas, Asia’s leading business space provider is launching the first property trust of Indian assets worth US$ 500 million in Singapore in July 2007 with the renowned real estate developer Embassy Group.

'ONE PERSON COMPANY' MAY APPEAR SOON

The draft Companies Bill, 2007, has proposed a new entity called a one-person company (OPC) as a measure to provide start-up entrepreneurs and professionals the much- needed flexibility in setting up a business in India. The onerous compliance requirements that apply to large widely-held companies will not be imposed on such entities. Officials told Business Standard that a proposal to this effect has been included in the Bill, which has been sent for inter-ministerial consultation. The ministry of corporate affairs had said the Bill may be put up for legislative approval in the winter session of Parliament, but officials now say it is unlikely. “We are waiting for comments from other ministries. After that we will have to seek Cabinet approval and then take it to Parliament,” the official said. The move to permit OPCs in India was recommended by the J J Irani expert committee on revising India's company laws in May 2005. Various countries permit this kind of a corporate entity (China introduced it in October 2005) in which the promoting individual is both the director and the shareholder. The principal forms of business organisations permitted in India are sole proprietorship firms (in which only one person runs the business), partnerships (between two or more people) and companies (both private and public where it is possible for many individuals to own the business by subscribing to its shares). The fundamental difference between a sole proprietorship and an OPC is the way liability is treated in the latter. A one-person company is different from a sole proprietorship because it is a separate legal entity that distinguishes between the promoter and his company, said Rajiv Luthra, founder and managing partner, Luthra & Luthra. Luthra added that the promoter’s liability is limited in an OPC in the event of a default or legal issues. On the other hand, in sole proprietorships, the liability is not restricted and extends to the individual and his or her entire assets. For instance, if a sole proprietorship firm is sued, the promoter also gets sued automatically. In the case of companies, liability is restricted to the shares of a company, except for criminal matters. “It is a good and highly desirable move, especially as it reduces the level of compliance for OPC's vis-à-vis companies,” he said. The move is expected to ease start-up formalities for prospective entrepreneurs. Similarly, small entrepreneurs who are running their businesses under the proprietorship model could convert to OPCs, with the benefit of limited liability and none of the cumbersome compliance requirements, said corporate law expert Naveen Goel.

Source : - business-standard

Income Tax India - Section 80 C Ammendment

Section 80C of the Income-tax Act provides for a deduction of up to Rs. One lakh to an individual or a Hindu undivided family (HUF) for:- (i) making investments in certain savings instruments; or(ii) incurring expenditure on tuition fee and repayment of housing loan. With a view to encourage small savings, the Government has taken a policy decision to include the investments made in the following two deposit instruments within the ambit of Section 80C:- (i) Five Year Post Office Time Deposit Account; and(ii) Senior Citizens Savings Scheme. Therefore, the investment by an individual or a Hindu undivided family (HUF) in these two instruments during the previous year 2007-08 (relevant to assessment year 2008-09), and subsequent years, shall be eligible for deduction under section 80C of the Income-tax Act, subject to the overall ceiling of Rs. One lakh in that section. It is further clarified that investments made on or after 1.4.2007 (i.e. from the beginning of the financial year 2007-08) shall be eligible for this deduction. Drawing and Disbursing Officers (DDOs) may take such investments into consideration while determining the TDS liability of an employee for the previous year 2007-08 (relevant to assessment year 2008-09) and subsequent years

Interesting Facts about NELP VII

Regulations
The successful bidder would be required to enter into a Production Sharing Contract (PSC), which will be based on the Model Production Sharing Contract (MPSC). Some of the attractive features of the terms offered by the Government are:
The possibility of seismic option alone in the first phase of the exploration period.
Up to 100% participation by foreign companies.
No signature, discovery or production bonus.
No mandatory state participation.
No carried interest by National Oil Companies (NOCs).
Income Tax Holiday for seven years from start of commercial production.
No customs duty on imports required for petroleum operations.
Biddable cost recovery limit: Up to 100%.
Option to amortise exploration and drilling expenditures over a period of 10 years from first commercial production.
Sharing of profit petroleum with Government of India based on biddable pre-tax investment multiple achieved by the contractor.
Royalty for onland areas is payable at the rate of 12.5% for crude oil and 10% for natural gas. For shallow water offshore areas, royalty is payable at the rate of 10% for both crude oil and natural gas. For shallow water offshore areas, royalty is payable at the rate of 10% for both crude oil and natural gas. For deepwater offshore areas (beyond 400 m iso-bath) royalty is payable for both crude oil & natural gas at the rate of 5% for the first seven years of commercial production and thereafter at the rate of 10%.
Fiscal stability provision in the contract.
Freedom to the contractor for marketing of oil and gas in the domestic market.
Liberal provisions for assignment.
Arbitration and Conciliation Act, 1996, based on United Nations Commission on International Trade Law (UNCITRAL) model, applicable.
To facilitate investors, a Petroleum Tax Guide (PTG) is in place.
To enable bidders' focus, blocks have been categorized as Type- S in onland area and Type-A


Press Note by Ministry of Petroleum & Natural Gas on the occasion of launch of Seventh round of New Exploration Licensing Policy (NELP-VII) offering 57 blocks for exploration of oil and gas

Shri Murli Deora, Minister of Petroleum & Natural Gas launched the Seventh round of New Exploration Licensing Policy (NELP-VII) today at New Delhi. NELP-VII provides an attractive investment opportunity for companies to explore oil and gas in 57 blocks, which comprise 19 deepwater blocks, 9 shallow water blocks and 29 onland blocks. The 57 blocks cover a sedimentary area of about 1.71 Lakh sq. km. List of exploration blocks on offer is annexed.


2. NELP has boosted exploration efforts significantly in the country with increasing areas including deepwater coming under exploration. After six rounds, the area under exploration has increased four times to 44% of Indian Sedimentary Basinal area from 11% before implementing NELP. Hydrocarbon reserves accretion has already been more than 600 Million Metric Tonne of oil equivalent. As the exploration work progresses in NELP blocks, new oil and gas discoveries are pouring in. Under NELP, 49 oil and gas discoveries have already been made in 15 exploration blocks (5 blocks in NELP I, four blocks each in NELP II and NELP III, and two in NELP IV).

3. In order to address the concerns expressed by E&P companies in NELP-VII and based on the experience gained in previous rounds, the Government undertook extensive consultations with various stakeholders including E&P companies, industry bodies such as CII and Petrofed. The views of various stakeholders have been factored in, while preparing bid documents for NELP-VII.

4. The following are the highlights of NELP-VII:

i) Blocks have been divided into three categories - Type-A, Type-B, Type-S on the basis of geological perceptions, size of the blocks and tailor made bid evaluation criteria framed accordingly.
ii) For onland and shallow water blocks (Type-A & Type-B), technical capability is the qualifying criterion. In case of Type-S onland blocks, bid evaluation will be made on work programme and fiscal package parameters only.
iii) In order to attract multiple and experienced players in deepwater, the concept of consortium under the heading of technical capability for deepwater blocks only is introduced, where experienced companies in deepwater exploration being operator of the block and bidding for NELP deepwater blocks along with other Indian companies will be benefited with an additional 10 points.
iv) Mandatory 2D seismic is only for 23 exploration blocks, out of 57 blocks.

5. A special website on NELP-VII containing a large set of information including online data has been prepared and is being hosted for NELP-VII. Connectivity is also being provided through the website of the Ministry of Petroleum & Natural Gas and Directorate General of Hydrocarbons. The NELP-VII details can be seen at the following web sites:

http://www.indianelpvii.com/
http://www.petroleum.nic.in/
http://www.dghindia.org/

6. Promotional road shows for NELP-VII are planned at Mumbai (8th January, 2008), London (24th -25th January, 2008), Houston (28th -29th January, 2008), Calgary (31st January-1st February, 2008), Singapore (11th February, 2008), Perth (14th -15th February, 2008). During the road shows, presentations will be made on the emerging geological prospectivity of Indian basins as well as the contractual and fiscal framework. Successful operating companies in India and financial consultants will also share their experience of the working / investment environment in the country. The road shows will also cover one-on-one meeting with E&P companies / investors. The objective of the road shows is to showcase India’s discoveries and increase awareness about the policy framework as well as to promote India as an attractive investment destination. These focused efforts are aimed at encouraging the companies to visit data rooms and participate in the NELP-VII bidding process.


7. All geo-scientific data will be made available online through the internet to enable companies to view data at their own convenience and location. Work stations will be provided at Data Centres at Delhi, London, Houston, Perth and Calgary. The work stations will be equipped with software for enabling companies to analyze and interpret the data at the data centre itself expeditiously. The Data Centres will also provide on the spot clarifications. Details of all operational blocks from earlier rounds such as work programme, fiscal terms, etc., will be available at Data Centres. This will enable companies to assess existing work programme as well as other bidding parameters while formulating their own bids and may also help them in forming strategic alliances.

8. In order to provide sufficient time to interested companies in view of the larger number of blocks and to review and buy data, finalize strategic alliances, etc., companies / investors have been provided a larger time frame and the bid closing date for NELP-VII will be 11th April, 2008. Thereafter, the Government will evaluate the bids, make awards, finalize and sign the Production Sharing Contracts within 4 months.

*****

Bid Evaluation Process
BID EVALUATION
The following main parameters will be considered while evaluating the bids [for detailed Bid Evaluation Criteria (BEC), please see Appendix-I to V of NIO]:
i)
Technical capability of the proposed Operator:
(a)
For the onland blocks under Type-S, only work programme & fiscal package will be considered for bid evaluation. Technical capability will neither be a pre-qualification criterion nor a bid evaluation criterion.
(b)
For the onland and shallow water blocks of Type-A and Type- B, technical capability will be a pre-qualification criterion. Bidder has to score non-zero on one out of the three subcriteria of technical capability apart from non-zero score on operatorship experience.
(c)
For deepwater blocks Technical capability will be an evaluation criterion.
ii)
Financial capability of the bidding company/consortium:
(a)
The networth of the bidding companies should be equal or more than its participating interest value of the work programme commitment including biddable work programme and mandatory work programme for exploration phase-I.
(b)
The annual report including the audited annual accounts for the latest completed year and a Certificate of networth from company's statutory auditor(s) based on the latest audited annual accounts certifying the networth of the bidding company should be submitted. The networth will be calculated in accordance with the method given in the "FORMAT FOR SUBMISSION OF BIDS FOR EXPLORATION OF OIL AND NATURAL GAS IN BLOCKS OFFERED UNDER NEW EXPLORATION LICENSING POLICY". In case the parent company provides financial and erformance guarantee, the annual report, annual accounts and networth certificate in respect of parent company should be submitted.
(c )
In case a bidding company either bidding alone or as member of a consortium happens to be the first ranked bidder for two or more blocks, the networth of the company must be equal or more for aggregate value of the work programme commitment including biddable work programme and mandatory work programme for exploration phase-I in all such blocks.

In case, the company's networth is less than the value of minimum work programme commitment for such blocks, the bids will be considered in order of priority given by that company in their bid for respective blocks.
(d)
In case a bidding company or each of the company constituting consortium does not furnish the above documents, the bid shall be summarily rejected. In case, financial and performance guarantee of a parent company is provided, the financial capability of the parent company shall be considered for evaluating the financial capability of a biding company.
iii) Work programme:

Profit petroleum share offered to Government of India (GOI) by the bidder at the lowest tranche (less than or equal to 1.500) and the highest tranche (3.500 and above) of Pre-Tax Investment Multiple (PTIM) along with offered annual cost recovery limit will be taken into account for evaluation of Fiscal Package. Profit Petroleum share to GOI corresponding to PTIM between the lowest and the highest tranches indicated above, will be interpolated on a linear scale with a positive slope depending upon the exact PTIM achieved in each of the preceding year.
iv) Fiscal Package:

Profit petroleum share offered to Government of India (GOI) by the bidder at the lowest tranche (less than or equal to 1.500) and the highest tranche (3.500 and above) of Pre-Tax Investment Multiple (PTIM) along with offered annual cost recovery limit will be taken into account for evaluation of Fiscal Package. Profit Petroleum share to GOI corresponding to PTIM between the lowest and the highest tranches indicated above, will be interpolated on a linear scale with a positive slope depending upon the exact PTIM achieved in each of the preceding year.
v) Evaluation of bids and rejection criteria
a)
The designated operator for Type-A and B onland and offshore blocks would be required to obtain non-zero score on one out of the three sub-criteria of technical capability apart from non-zero score on operatorship experience.
b)
Bidders would be required to confirm to carryout the Mandatory Work Programme given against the blocks in this NIO during Phase-I (Please refer the table at page 7 & 8 ). A bid not confirming to carrying out the Mandatory Work Programme during Phase-I as prescribed in the NIO, shall be liable to be rejected.
c)
The bidders shall be required to commit atleast one exploratory well in Exploration Phase- II. A bid not committing a minimum of one exploratory well in Exploration Phase-II shall be liable for rejection.
d)
Bids not submitted in "Format for Submission of Bids" covering all the information/details listed therein are liable to be rejected.
e)
Any assumptions / deviations in a bid which are inconsistent or not complying with the contract terms listed in the brochure "Notice Inviting Offer for Exploration of Oil and Natural Gas under New Exploration Licensing Policy-seventh Round (NELP-VII)" may render the bid liable for rejection.
f)
Government at its sole discretion reserves the right to accept or reject any or all of the bids received without assigning any reason, whatsoever.
g)
For a bid to be valid, bidding company or consortium, as the case may be, is required pay Tender Fees by way of purchase of the requisite Data Package of the block to be bid on or before bid closing date. For the deep water block KK-DWN-2005/1 (Earlier block KKDWN-2002/1 under NELP-IV round and KK-DWN-2004/2 under NELP-VI round), KKDWN-2005/2 (Earlier block KK-DWN-2004/3 under NELP-VI round) and AN-DWN-2005/1 (Earlier block AN-DWN-2004/1 under NELP-VI round), the company (ies), which had purchased Data Packages in the earlier relevant NELP rounds is/are not required to pay Tender Fees by way of re-purchase of the Data Package.
h)
Company(ies) would be ineligible to bid as operator for the block(s) which was/were relinquished by it/them without completing the Minimum Work Programme (MWP) under NELP regime as operator. However, such company(ies) can be member of consortium with another company as operator.