NEW DELHI: India plans to offer at least 56 oil and gas exploration blocks in its first auction of licences in nearly two years, based on new gas-pricing and revenue-sharing rules, oil secretary Vivek Rae said.
India, the world’s fourth-biggest oil importer, wants to quickly tap domestic reservoirs to curb its ballooning import bill. Foreign participation in previous exploration rounds has been lukewarm because of a lack of transparency, regulatory hurdles and bureaucratic delays in getting clearance.
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