India Launches New Oil, Gas Licensing Round

India on Sunday unveiled the 10th round of New Exploration Licensing Round (NELP). 

In the latest round India has offered 46 oil and gas blocks, including the gas discovery area it snatched from Reliance Industries in KG-D6 block and the field that Cairn India is seeking to regain around its Rajasthan block, Press Trust India.

“We are today profiling 46 blocks, but eventually 60 to 65 blocks will be offered after clearances are obtained,” oil minister M Veerappa Moily said launching NELP-X. 

Moily said of the 46 blocks on offer, 17 are on-land, 15 shallow-water and the remaining 14 are deep-water blocks, reported Press Trust of India. 

According to Press Trust of India, the 10th round of auction will require bidders to quote the amount of oil or gas output they are willing to offer to the government from the first day of production. 

The company offering the highest share of oil or gas produced from the field would get the block.

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