Millennium Post
Business

Oil & gas block auctions under NELP-10 likely in January

After more than a two-year hiatus, India will launch auction of oil and gas blocks in January as it looks to attract foreign investors to boost domestic production.

‘In order to accelerate domestic exploration, DGH (Directorate General of Hydrocarbons) has carved out about 86 blocks, for which necessary clearances are being taken from the ministries concerned. The offering of exploration blocks under NELP-X is likely to take place in the month of January, 2014,’ Oil Minister M Veerappa Moily said at KPMG Energy Conclave.

The last round, the ninth under the New Exploration Licensing Policy, was held in 2011 when 74 bids were received for 33 out of the 34 blocks on offer.
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