October 15, 2010 9:00 PM

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34 more blocks offered for oil and gas exploration

Government has offered 34 more oil and gas exploration and production blocks. The bids will be awarded on 18 the of March.Launching the nineth round the New Exploration Licensing Policy NELP-IX, Petroleum Minister said that ministry plans to complete the process of awarding oil and gas exploration blocks in three months after receiving bids. Petroleum and Natural Gas Ministry Secretary S. Sundareshan said the Government hopes to net at least 1.1 billion US dollars from the auction.AIR correspondent reports that government has so far, got investments of 14 billion dollars in Indian oil and gas exploration activities after earlier eight rounds. So far, 87 discoveries have been made in 26 blocks under NELP regime and reserves having 642 million tonne oil and oil-equivalent gas were established from these discoveries.

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