India offers 7 oil, gas blocks for bidding under OALP-IV
NEW DELHI: India on Monday offered for bidding seven new areas for prospecting of oil and natural gasNSE 1.25 % on revamped exploration terms that look to expedite cut in import dependence by raising domestic output.
Five blocks offered are in little-explored Vindhyan sedimentary basin, while one block is in Bengal Purnea basin. The remaining block is the proven basin of Rajasthan, according to a press statement by the Directorate General of Hydrocarbons (DGH).
In all, 18,509.69 square kilometre of area for exploration of oil and gas has been offered in the fourth bid round of Open Acreage Licensing Policy (OALP).
