India to offer 20 oil, gas blocks

India to offer 20 oil, gas blocks

NEW DELHI: India will offer 20 oil and gas blocks for exploration to foreign and domestic firms in the fifth round of bidding under the New Exploration Licencing Policy (NELP), a report said on Saturday.

The Economic Times newspaper quoted Oil Minister Mani Shankar Aiyar as saying India was looking for bids in all 20 blocks from foreign and domestic firms in order to shore up petroleum production.

"With a view to bringing more areas of the country under exploration and production of oil expeditiously, steps have been initiated to offer blocks under the fifth round of the NELP which is expected to be launched in early January," said Aiyar.

"We will offer 20 exploration blocks, including onland, shallow offshore and deepwater blocks," he added.

In the first four rounds of bidding, the government has signed 90 contracts for an investment commitment of roughly US$4.4 billion. -- AFP