The Indian government is offering 10 blocks for International Competitive Bidding, and the bids can be submitted through a dedicated online e-bidding portal till September 6, 2022.
Successful award of Round-VIII Blocks would add a further 36,316 square km of exploration acreage and cumulative exploration acreage under OALP regime will be increased to 2,44,007 square km, the government said.
The 10 blocks under present bid round are spread across nine
It is expected that
The
The policy had adopted the revenue sharing contract model and comes with reduced royalty rates, no oil cess, no revenue share bidding for blocks in Category-II and III basins, marketing and pricing freedom, round the year bidding, freedom to investors for carving out blocks of their interest, a single license to cover both conventional and unconventional hydrocarbon resources, exploration permission during the entire contract period, and an easy, transparent and swift bidding and awarding process.
SEE ALSO :