The next round of oil and gas hunt will commence this week. Officials said the government expected strong interest this time for the less explored areas as prospectors would not have to share their revenue with the government unless they make windfall gains.
The expression of interest for the fifth round of oil and gas blocks will open on May 15 and end on November 15, sources in the director general of hydrocarbons said.
The sources said the changes in the exploration rules would attract greater interest in the country’s sedimentary basin as the policy incentivises firms to work on unexplored areas.
