India sweetens oil block bids with lease reform, arbitration freedom

Expanded definitions, arbitration rights and lease flexibility mark major policy shift as government tries to revive interest in nearly exhausted oil exploration blocks

From the nine iterations of the oil acreage licensing policy (OALP), the major change in the tenth version, due out in August this year, will be twofold. The first of those is the expanded definition of mineral oils to include shale oil, shale gas and coal-bed methane. 

The other one is the freedom to pursue international arbitration in the event of disputes, as well as offering a longer lease period for the fields the companies win. 

Combined with the removal of windfall tax on domestically produced crude that was in effect since July 2022, prospective bidders now have a realistic