India to sign oil production deals

NEW DELHI, JULY 8: India will be signing production sharing contracts in the petroleum sector with private firms including some from the United States in the next few days.

Petroleum minister Vazhpadi K Ramamurthy conveyed this to US Ambassador in India Richard F Celeste when the latter called on him today to discuss ongoing reforms in the oil sector with special focus on the new exploration licensing policy (NELP).

Five US oil exploration companies are scheduled to sign contracts with the ministry for eleven blocks. Ramamurthy said these contracts will be in addition to the six contracts signed last week. India will also invite bids for as many as 47 exploration blocks by August end.