$300-400 million investment expected in latest oil, gas bid round
India on Friday launched a new oil and gas exploration bid round, hoping to attract USD 300-400 million investment in discovering hydrocarbon reserves in the country.
As many as 21 blocks or areas are on offer in the Open Acreage Licensing Policy (OALP) Bid Round-VI, which will close for bidding on October 6, an official press statement said.
India is 85 per cent dependent on imports to meet its oil needs and finding newer reserves through exploration rounds like OALP-VI will help cut that reliance.
The 21 blocks are spread over 11 sedimentary basins and 9 states covering 35,346 square kilometres of area. Of these, 15 blocks are onland, 4 lie in shallow waters and two are ultradeep sea.
