(ET)
The government expects the area under hydrocarbon exploration in the country to double to 300,000 sq km by March 2020 as availability of new seismic data is likely to draw more investors. Expanding exploration acreage is the first step in the long path to raising chances of hydrocarbon discoveries and oil and gas output, which has been falling for years. The first licensing round under the new Open Acreage Licensing Policy expanded exploration acreage to 150,000 sq km last year from 90,000 sq km. The second bidding round, now underway, has offe red acreage of around 30,000 sq km.
The third round, expected to roll out soon, will serve another 30,000 sq km. The fourth and fifth rounds are expected to offer another 50,000 and 40,000 sq km of exploration acreage respectively, said an official at the Directorate General of Hydrocarbons (DGH). These two rounds are expected to conclude by March 2020 and will together enhance India’s exploration acreage to 300,000 sq km.
