Modi government to launch first major oilfields auction in two months


Modi government to launch first major oilfields auction in two months

The Modi government is planning to launch its first major auction of oilfields within the next two months under the revamped Hydrocarbon Exploration Licensing Policy (HELP) worked out by the oil ministry. This would also be India’s first oil blocks licensing round since 2010 when acreages were awarded in such an auction under the then applicable New Exploration Licensing Policy.

Significantly, the bidding round would be conducted through the newly worked out Open Acreage Licensing Policy (OALP) that will allow interested firms to bid for blocks of their choice at any time of the year. A key highlight of the process would be the simultaneous launch of National Data Repository (NDR) a comprehensive database of the country’s key sedimentary basins that will provide the bidders data on contract areas that will be bid out.

“NELP is history. We will formally launch the new bidding process and also the National Data Repository within a month or two. The draft NDR has already been submitted to the ministry by the Directorate General of Hydrocarbons (DGH),” a senior official in the know of the blueprint of the entire plan told ETEnergyWorld. Read More…

Credit By : Energy.Economictimes.Indiatimes.com

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