The new invitation (20th Bidding Round) for concession rights is given on 23 May 2007. Interested companies can submit applications for concession rights within 1 year from the date of this announcement. The last submission of this bidding round will be held on 22 May 2008.
Applications should be submitted before the 15th of each submission month which the first round ending on the 16th of July 2007 (15 July is Sunday). Each submission month runs from 16th to 15th of the following month. Exploration blocks that have been applied during each submission period will be announced, as these blocks will be under consideration no further applications will be accepted.
The Department of Mineral Fuels will evaluate the applications based on the merits of the interested company. Such companies, be they individual oil companies or joint ventures must submit evidences showing their corporate profile, financial strength and petroleum exploration and production capability to be verified before they can be considered to be concessionaires.
Qualified companies will be selected based on their exploration proposals (most suitable for the geological conditions of the exploration block), which covers 80% of the bid assessment. The final 20% covers special advantages.
Qualified companies that have been selected as concessionaires shall be a company of sufficient assets, machinery, and equipment and have the petroleum expertise to explore for, and produce or sell petroleum. If not, the qualified company will be required to submit a Letter of Guarantee or Bank Guarantee before signing the concession agreement.