New Delhi: Government hopes to award new oil and gas blocks for exploration under its New Exploration and Licensing Policy (NELP) by March, a senior oil ministry official said on Monday.
The blocks will be offered under NELP which was launched in 1999 offering more attractive terms to boost investment in the oil and gas sector of Asia’s third-largest oil consumer.
“There were security issues with some of the blocks. We hope by March blocks offered in NELP nine will be awarded,” said Sudhir Bhargava, additional secretary.
In March, India had estimated to raise $14 billion in investments in its ninth licensing round which includes eight deepwater blocks, seven shallow water and 19 onshore.
In its previous eight rounds of auctions New Delhi has awarded 235 blocks.