The government plans to invite bids for eight oil and gas blocks as part of the Open Acreage Licensing Programme (OALP) regime, which offers pricing and marketing freedom.
It has opened up no-go areas on Indian seas that is under the country’s jurisdiction to prospectors for the first time.
The ministry of petroleum and natural gas will invite global bids for the blocks spread over 0.42 lakh sq km for the exploration and production (E&P) of hydrocarbons under the OALP bid round IX.
