In order to decrease the rising burden of oil imports, India recently opened up bidding for 26 blocks for oil exploration in India. India currently imports 85 per cent of country’s oil requirements, and plans to reduce its dependence on imported crude oil by at least 10 per cent in the coming years.
Under the HELP policy, the government has re-modeled the hydrocarbon licensing policies to make E&P investment commercially attractive with incentives like no category- basis revenue sharing.
