(PTI)
Delays in bidding rounds notwithstanding, the government has increased the expression of interest (EoI) submission cycle for oil and gas acreage to three times a year from two times earlier, the Directorate General of Hydrocarbons (DGH) said.
India had in July 2017, allowed companies to carve out blocks of their choice with a view to bring about 2.8 million sq km of unexplored area in the country under exploration. Under this policy, called open acreage licensing policy or OALP, companies are allowed to put in an EoI for prospecting of oil and gas in any area that is presently not under any production or exploration licence.
The EoIs can be put in at any time of the year and were accumulated twice annually. But now, this cycle has been increased to three. “In view of recent policy reforms and changes aligned to promote ‘Ease of Doing Business’, the EoI for prospecting of oil and gas in any area that is presently not under any production or exploration licence. The EoIs can be put in at any time of the year and were accumulated twice annually. But now, this cycle has been increased to three.
