India launches largest auction ever

India launched its biggest-ever auction of oil and gas assets today with an offering of 70 exploration blocks.

India has offered 24 deep-water blocks, 28 shallow-water blocks and 18 onshore blocks in the auction, which will close on 10 August, Oil secretary R.S. Pandey said. India has also offered 10 coalbed methane blocks for exploration in the fourth round of offering such blocks, Pandey said. It has so far awarded 212 oil and gas blocks, under its licencing policy introduced in 1999, reported Reuters.

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