The government plans to launch the 10th edition of oil and gas block auction after a thorough revamp of existing exploration policy to make it more investor friendly. Talking to reporters at Petrotech 2012 Conference in New Delhi, Oil Minister S Jaipal Reddy said that a committee headed by the Prime Minister's Economic Advisory Council Chairman C Rangarajan is expected to submit recommendations on revamp of the exploration policy as well as the terms of contracts signed by companies to explore and produce oil and gas. The Oil Minister said it may suggest alternate models in next few weeks, which would then be taken to the Cabinet for approval . Once Cabinet clears the changes, the 10th round of NELP would be launched. India's previous nine bid rounds under New Exploration Licensing Policy (NELP) have been lacklustre with global biggies staying away because of issues like tight regulations on pricing as well as delays in getting approvals.The government has so far awarded 254 blocks for exploration in 9 rounds of NELP. Last last round, NELP-IX was offered in 2010.