NELP VII blocks' auction to begin from November
Auction for around 80-85 NELP VII blocks would begin from November this year.
By PTI |
MUMBAI: Government will start the seventh round of auctions of oil and gas blocks under the New Exploration and Licensing Policy (NELP) from November this year, Director General of Hydrocarbons (DGH) V K Sibal said on Saturday.
"In all, 80-85 blocks will be auctioned under the NELP-VII," Sibal told reporters on the sidelines of a CII seminar.
Director General of Hydrocarbons, a nodal body to ensure proper utilisation of the country's oil and gas reserves, would also offer for auction blocks located in Jammu and Kashmir for the first time.
The seventh round of auctions of oil and gas blocks was earlier slated to be held on April, which was subsequently deferred to August this year due to shortage of rigs world over. It was further deferred to November.
Sibal said NELP-VII will cover a total area of 4,00,000 sq km and the main focus would be the west coast of the country.
"The off-shore and on-shore ratio would be almost 50-50," he said.
Sibal said global majors like, Ceveron, Exon Mobile and Conco Phillips were likely to participate in the recent round of auction.
These companies did not participate in the sixth round of auctions in March this year, when the government allotted 55 blocks.
"In all, 80-85 blocks will be auctioned under the NELP-VII," Sibal told reporters on the sidelines of a CII seminar.
Director General of Hydrocarbons, a nodal body to ensure proper utilisation of the country's oil and gas reserves, would also offer for auction blocks located in Jammu and Kashmir for the first time.
The seventh round of auctions of oil and gas blocks was earlier slated to be held on April, which was subsequently deferred to August this year due to shortage of rigs world over. It was further deferred to November.
Sibal said NELP-VII will cover a total area of 4,00,000 sq km and the main focus would be the west coast of the country.
"The off-shore and on-shore ratio would be almost 50-50," he said.
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Sibal said global majors like, Ceveron, Exon Mobile and Conco Phillips were likely to participate in the recent round of auction.
These companies did not participate in the sixth round of auctions in March this year, when the government allotted 55 blocks.
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