India May Adopt New Licensing Regime for Oil, Gas Blocks

Mining Weekly reported that India may shift to a new licensing regime for oil and gas exploration as the adopted auction process has failed to provide satisfactory results.

As quoted in the market news:

The New Exploration and Licensing Policy’s (NELP’s) tenth round would be the last under which the government had already earmarked 42 blocks for investors, with the auction scheduled to be completed this year.

The contours of the new policy regime would essentially have three elements; open acreage, uniform licensing enabling companies to explore and produce all forms of hydro-carbons from a single block, and revenue-sharing to replace the current production sharing regime, the official said.

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