Oil firms in India will be soon free to choose the blocks for exploration without waiting for the government to put them on offer. This was revealed by the Petroleum Minister Murli Deora at the signing of the production sharing contract for blocks awarded in the eighth round of auction. Mr. 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. He made it clear that the blocks will be given for exploration for oil and natural gas to the party giving the best bid. Speaking on the occasion, the Director General of Hydro Carbon S.K. Srivastava said that 1.34 billion investment has been committed in the oil and gas hunt in 36 blocks in the eighth round that concluded last year. Speaking to reporters on the sidelines of the function, the Minister of State for Petroleum Mr. Jitin Prasad defended the government's decision to deregulate the diesel from the administered prices mechanism and also the hike in other products. He said that the step will go a long way in addressing the growing fiscal deficit, paving way for faster economic growth.