The government would finalise the award of oil and gas blocks in the eighth round of the New Exploration Licensing Policy (Nelp-VIII) by the middle of December, Petroleum Minister Murli Deora today said at a road show organised by Nelp in London.
“We expect to finalise the awards by middle of December and signing of production-sharing contracts is expected to take another two months. Thus, within four months from receipt of bids (October 12), we promise to complete the process of award,” he said.
The eighth round is offering 70 oil and gas blocks covering an area of 170,000 sq km. This is the highest number of blocks to be offered in any round. Along with 70 oil and gas blocks, the government is also offering 10 blocks under the fourth round of the coal-bed methane gas exploration policy.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app