India to auction oil and gas blocks this fiscal, says Dharmendra Pradhan

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Hyderabad: The subsequent turn of auction of oil and gas blocks underneath a New Exploration Licensing Policy (NELP) will be hold by a finish of 2015-16 fiscal, Petroleum and Natural Gas Minister Dharmendra Pradhan pronounced today.

The apportion also pronounced that a supervision is mulling to deliver “open acreage” complement and also skeleton to change a regulation for prolongation pity agreement.

Oil Minister Dharmendra Pradhan. Image pleasantness PIBOil Minister Dharmendra Pradhan. Image pleasantness PIB

Oil Minister Dharmendra Pradhan. Image pleasantness PIB

“In this financial year, usually 10th turn of auction will be held. We are articulate to stakeholders. We are articulate to ubiquitous experts… we are watching a opposite models of a universe (for a NELP-X round),” Pradhan told reporters in Hyderabad.

NELP-IX auction was conducted in 2012.

He pronounced a supervision is considering to make 3 vital changes in a auctioning complement that includes abolishing retard auctioning by bringing “open acreage” complement in that a behest and endowment of acreages will be a continuous, demand-based process.

“In NELP-X, there will be 3 vital bearing areas. There are some issues with a stream prolongation pity model. CAG has also done some observations. Looking behind into a past experience, we are articulate to opposite stakeholders on how it should be.

“Number dual is a ubiquitous acreage policy. Previously there was a retard system. Now looking into a new channels acreage complement will be open so that anybody can bid for any acreage, according to their possess requirement,” Pradhan said.

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The supervision is also formulation to concede a bidder or executive to remove any radical hydrocarbons (other than oil and gas) if found, he said.

The apportion pronounced investors are “happy” with a stream gas pricing regulation that is reviewed each 6 months.

He pronounced a state-owned oil companies are now holding adult several projects including a product tube from Paradeep to Hyderabad and a gas tube from Mumbai to Hyderabad to support to a needs of Telangana and other southern states’ requirements.

According to him a projects, for formulating petroleum infrastructure involving several states, would cost scarcely Rs 1,300 crore for Telangana zone alone.

Pradhan met Andhra Pradesh Chief Minister N Chandrababu Naidu on Thursday.

PTI

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