The government on Wednesday replaced the New Exploration and Licensing Policy with the Open Acreage Licensing (OAL) under the framework of Hydrocarbon Exploration and Licensing Policy (HELP). This replaces the controversial profit model in petroleum with a revenue share model.
OAL will allow investors looking for exploring hydrocarbons to select blocks after studying the data available through the national data repository without waiting for a formal bid round from the government.
Investors will have the option to carve out an area of their choice and submit the expression of interest for reconnaissance or petroleum operations contract. DGH will finalise the block and invite bidding biannually. Other companies can submit online and physical bids, following which bids will be evaluated and final contract will be awarded. Read More…
Credit By : Business Standard
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