India to launch new bidding mechanism for mega oil and gas auctions to be held next month

India to launch new bidding mechanism for mega oil and gas auctions to be held next month

In a major attempt to boost India’s oil and gas production, the government will today simultaneously launch two key interventions – a revamped oil and gas bidding mechanism named Open Acreage Licensing Process (OALP) and the National Data Repository (NDR) for the first major oil field auctions to be held from July 1 under a new Hydrocarbon Exploration Licensing Policy (HELP).