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).

Both the initiatives will be launched by Finance Minister Arun Jaitely and petroleum minister Dharmendra Pradhan in a mega event here. The HELP regime is expected to cut down delays in development of blocks and legal disputes with companies because of its revenue share methodology, the ministry believes. The upcoming auctions under HELP will follow the just-concluded bidding for Discovered Small Fields (DSF) under which 31 oil blocks were awarded to around two dozen mostly small-sized firms. Read More…

 

Credit By : ET Energy World

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