India's 10th Oil, Gas License Auction Round This Fiscal

India will most likely launch the tenth round of auction under the New Exploration Licensing Policy (NELP) this fiscal, oil minister M Veerappa Moily said earlier this week.

"The DGH (directorate-general of hydrocarbons) has carved out exploration area of about 2.7 lakh sq km for which process of inter-ministerial clearances has been initiated. On completion of clearance process, exploration blocks are likely to be offered in 2013-14," he said while addressing a meeting of the Parliamentary consultative committee in Mussoorie, Press Trust of India reported.

Although not confirmed officially, Press trust of India said as many as 68 blocks of oil and gas may be auctioned. This will be the second-highest offering of block since the advent of NELP 1999, the report said.

India has an estimated sedimentary area of 3.14 million sqkms, comprising 26 sedimentary basins. At present, an area of 0.93 million sqkm area is held under exploration and production in 19 basins.