The minister said roadshows would begin in mid January, for the 48 offshore and onshore blocks being offered to investors in the first phase of open acreage bidding (allowed in the NELP.) He denied that the ministries of petroleum and finance had any differences over the petroleum tax code (PTC).

The tax code will contain a catalogue of all the concessions available to oil companies in the NELP. The concessions include an exemption from cess and a reduction in royalty rates.

Earlier in the day, addressing the third Indian Oil and Gas Conference, Ramamurthy said the strategy for oil security would require an investment of roughly Rs 1,000 billion, over the next decade. ``Suchmassive funds cannot be arranged by the public sector alone,'' he said, adding, ``therefore, participation by the domestic private sector and foreign enterprises is an important plank of our hydrocarbon development plan.''

He pointed out that ONGC Videsh had already been entrusted with the job of scouting for equity oil overseas. Other national oil companies had also been given the mandate to look for hydrocarbon resources overseas, to be able to cope with the rising demand for oil (estimated to be growing by six per cent a year.) Ramamurthy said the demand for gas was growing at a galloping pace of 10 per cent as well.

The minister said the national oil companies were going through a process of reorientation, to be able to brace up to free market conditions. At the same time the petroleum ministry was ``working out an appropriate legislative framework for a (downstream) regulatory authority'' that should be in place by 2002.