India Plots Exploration Licensing Round

January 4, 2019

(Image: India's Directorate General of Hydrocarbons)
(Image: India's Directorate General of Hydrocarbons)

India will start auctioning for 14 oil and gas blocks in its second exploration licensing round on Monday, giving freedom to the companies to carve out areas they want to drill.

The blocks together hold undiscovered reserves of about 14,995 million tonnes of oil equivalent, according to a tweet from Directorate General of Hydrocarbon, India's upstream regulator.

India, the world's third biggest oil importer, wants to unlock its vast hydrocarbon resources to cut dependence on foreign oil.

India imports nearly three quarters of its energy requirement but Prime Minister Narendra Modi has set a target of cutting the country's fuel import dependency to two-thirds by 2022 and to half by 2030.

India's previous licensing rounds have been dominated by local firms.


(Reporting by Nidhi Verma; Editing by Rashmi Aich)



Current News

Harvey Gulf Scouting Merger Opportunities

Harvey Gulf Scouting Merger Opportunities

CGG, Shearwater Partner

CGG, Shearwater Partner

Macron Urges Turkey to Stop Drilling off Cyprus

Macron Urges Turkey to Stop Drilling off Cyprus

Video: Valhall Accommodation Topside Removed

Video: Valhall Accommodation Topside Removed

Shell to Invest up to $2.4 Bln in Mexican Deepwater

Shell to Invest up to $2.4 Bln in Mexican Deepwater

Australia Dominates China's LNG Supply

Australia Dominates China's LNG Supply

Norway Green Lights Gullfaks Boost

Norway Green Lights Gullfaks Boost

Subscribe for OE Digital E‑News

OE Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week