India seeks more than $1 bln investment with new oil block auction – minister


India seeks more than $1 bln investment with new oil block auction – minister

* India hopes to attract more than $1 billion of investment in exploration and production blocks awarded to companies on Tuesday under new rules for auctions of oil and gas fields, oil minister Dharmendra Pradhan said

* India awarded 32 blocks in the latest two exploration licensing rounds called the open acreage licensing policy (OALP), which allows companies to carve out any area they want to drill

* State-owned Oil India Ltd bagged 12 blocks followed by private resources major Vedanta Ltd with 10.

* A consortium of Reliance Industries Ltd and BP Plc got one Read More

Leave a Reply

Your email address will not be published.