NEW DELHI-Red Carpet for Foreign Oil Companies

Red Carpet for Foreign Oil Companies B M THE Petroleum Ministry has selected 28 blocks on-shore and off-shore which will be offered to foreign Companies for oil exploration on production-sharing basis. Preliminary bids are also said to have been received by the Ministry from 40-odd companies, including some of the oil majors. Detailed discussions will be held with foreign bidders to finalise the exact terms and conditions on which they undertake exploration work. These are expected to be completed by the close of the first quarter of next year. If everything goes smoothly, the foreign oil companies should be back in India in full force after the monsoons next year.