India has launched the first auction of exploration blocks under its new licensing policy and sought bids for 55 blocks spread across the country.
This is the first auction in eight years of exploration blocks in the country, which has tweaked its licensing policy several times in the past without brilliantly raising its crude oil and gas output. It imports 82% of its oil requirement today and aims to bring that down to 67% by 2022.
The new licensing policy aims to raise local output by replacing many previous rules that only incrementally boosted output but caused several legal disputes between the government and the industry. Read More…
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