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Thursday, April 09, 2009

Govt offers oil & gas blocks

Its the biggest-ever auction of oil and gas assets

The Indian government today, 9 April 2009, launched its biggest-ever auction of oil & gas assets, offering 70 exploration blocks at a time when global oil demand is waning due to economic slowdown. The government has offered 24 deepwater blocks, 28 shallow water blocks and 18 onland blocks in the auction, which will close on 10 August 2009. The government has also offered 10 coal-bed methane blocks for exploration in the fourth round of offering such blocks.

The government has so far awarded 212 oil & gas blocks, under its licencing policy introduced in 1999.

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