At least 56 oil & gas blocks on offer in new licensing round: govt

Govt plans to invite bids for the blocks in Feb

Government will offer at least 56 oil and gas blocks in its next round of auction of exploration blocks that will be launched next week, oil secretary Vivek Rae said on Monday.

The oil ministry, which has already moved a cabinet note for the next exploration licensing round, plans to invite bids for the blocks in February.

The oil ministry has recommended revenue sharing between the companies and the government in place of the current production sharing mechanism, he said.