Exploration Rights to be Auctioned by Oil-Starved India by June
Few exploration blocks will be auctioned by Indian in June’17 which will allow bidders to carve out areas where drilling can be done and attract greater interest, according to a statement by a government official to Reuters.
This initiative forms parts of a drive by New Delhi to generate income from its oil and gas reserves.
The exploration licensing was rebuilt by India last year with a shift to a revenue sharing model which will also allow pricing and marketing freedom to the operators.
The auction will be the country’s first major exploration licensing round since 2010.
India is the 3rd biggest oil and gas consumer in the world which imports nearly three quarters of its energy requirements. However, Prime Minister Narendra Modi has set a plan to cut the fuel import of the country to two-thirds by 2022 and to half by 2030.
The government official also stated that, a national data repository will soon be set up that would offer bidders preliminary data on exploration areas that will be drilled.
Price Waterhouse Coopers (PWC) has been hired by the oil ministry to advise on the process for the next licensing round, the source stated.
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