The first of the promotional roadshows for 70 blocks offered under NELP and 10 coal-bed methane (CBM) regions will be held in Mumbai on August 8, 2009. During August 10-11, 2009, roadshows will be held in Perth and during August 13-14, 2009 in Brisbane. An investor meeting is expected to be held in Singapore on August 17, 2009.
Dates of roadshows in London, Houston and Calgary (Canada) have not been decided. The Houston roadshow are planned during August 24-25, 200 and that in Calgary during August 27-28, 2009. The London roadshow is being planned during September 9-10, 2009.
The round is being reopened after Finance Minister Pranab Mukherjee in his Budget for 2009-10 reported that I-T holiday for seven years on profits from production and sale natural gas would be available for blocks to be awarded in NELP VIII.
On April 9, 2009, India had opened the eighth round of auction to award blocks for exploration under NELP with the deadline for bidding set as August 10, 2009. But it was delayed over ambiguity on tax holiday for natural gas.
The last date of bidding will be extended, possibly to October 10, but that has not been finalised yet, a Petroleum Ministry official said.
We have been waiting for the current Budget session of Parliament to get over to begin the roadshows, the official said.
Although the Finance Minister had restored tax holidays for natural gas production from NELP blocks, no such tax break was announced for CBM blocks.
The Finance Ministry had in the 2008-09 Budget removed the seven-year tax holiday or exemption from paying income-tax on production of natural gas. Though oil and gas naturally happen together and a single well could be producing both, the incentive was limited only for crude oil production.
