Govt yet to decide on awarding 8 oil and gas blocks
OIL & GAS

Govt yet to decide on awarding 8 oil and gas blocks

The Central Government is yet to decide on awarding the remaining eight oil and gas blocks that were offered in the ninth round of bidding under the New Exploration Licensing Policy (NELP). The government had off­er­ed 34 areas for exploration and pro­duction of oil and gas in NELP-IX in 2010 and bids for 33 were received at the close of bidding last year. Of these, CCEA awar­ded 16 blocks to firms like ONGC while bids for 10 were rejected owing to bidders offering lesser than expected profit on petroleum.

The Central Government is yet to decide on awarding the remaining eight oil and gas blocks that were offered in the ninth round of bidding under the New Exploration Licensing Policy (NELP). The government had off­er­ed 34 areas for exploration and pro­duction of oil and gas in NELP-IX in 2010 and bids for 33 were received at the close of bidding last year. Of these, CCEA awar­ded 16 blocks to firms like ONGC while bids for 10 were rejected owing to bidders offering lesser than expected profit on petroleum.

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