June 30, 2010 9:43 PM

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Indian oil firms to soon be free to choose blocks for exploration

Oil firms in India will soon be free to choose the blocks for exploration without waiting for the government to put them on offer. This was disclosed by Petroleum Minister Murli Deora at the signing of the production sharing contract for blocks awarded in the eighth round of auction. Deora said that the companies can suggest any block at any time for exploration without waiting for announcement of the bids under the new licensing policy. Our correspondent reports that the blocks will be given for exploration to the party giving the best bid.

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