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India launches third round of oil and gas blocks for exploration


By Sudarshan Varadhan and Promit MukherjeeNEW DELHI/MUMBAI (Reuters) - India on Sunday launched the third bidding round under its open acreage licensing policy (OALP), according to a government statement. Twenty three blocks covering an area of 32,000 square kilometers were offered for bidding, out of which 5 are for extraction of coal bed methane.Total exploration acreage is expected to more than triple to 300,000 square kilometres in two years ending 2019, the statement read.The third round of bidding is expected to generate up to $700 million, the government said.Prime Minister Narendra ...

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First Published: Sun, February 10 2019. 17:28 IST