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India’s biggest auction of oil and gasfields
New Delhi: India on Thursday launched its biggest-ever auction of oil and gas blocks, expecting a $3-billion investment in exploration of 70 areas on offer for bidding.
The country, dependent on imports for 75 per cent of its requirements, also offered for bidding 10 areas for extraction of gas from below coal fields, known as coal bed methane (CBM).
Deep-sea blocks
“We are offering 24 deep-sea blocks, 28 shallow water blocks and 18 onland blocks for bidding in the eighth edition of the New Exploration Licensing Policy,” Petroleum Secretary R.S. Pandey told reporters here. Bidding for CBM-IV and NELP-VIII rounds will close on August 10, he said.
Asia’s third-largest energy consumer is aiming to cut oil imports and has till now awarded 203 in the previous seven rounds with over $11 billion committed in exploration spend. — PTI
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