India to offer 56 oil & gas blocks in new licensing round

摘要

India will offer at least 56 oil and gas blocks for bidding under completely revamped terms, informed Oil Secretary, Mr. Vivek Rae. The 10th round of auction under the New Exploration Licensing Policy (NELP-X) will require bidders to quote the amount of oil or gas output they are willing to offer to the Government from the first day of production. The terms are as suggested by a panel headed by Dr. C. Rangarajan for awarding future oil and gas block contracts. The company offering the highest share of oil or gas produced from the field would get the block.