India to auction oil and gas blocks in 2015-2016 fiscal

The next round of auction of oil and gas blocks under the New Exploration Licensing Policy (NELP) will be held by the end of 2015-16 fiscal, Petroleum and Natural Gas Minister Dharmendra Pradhan said today.

The minister also said that the government is mulling to introduce “open acreage” system and also plans to change the formula for production sharing agreement.

“In this financial year, only 10th round of auction will be held. We are talking to stakeholders. We are talking to international experts… we are observing the different models of the world (for the NELP-X round),” Pradhan told reporters here.

NELP-IX auction was conducted in 2012. He said the government is contemplating to make three major changes in the auctioning system that includes abolishing block auctioning by bringing “open acreage” system in which the bidding and award of acr ..

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