Govt to auction nearly 46 oil & gas blocks

The Union Petroleum Ministry is planning to replace the existing cost recovery model with the revenue sharing model, adds the newspaper.

The NDA Government is preparing the ground to auction nearly 46 oil & gas blocks, reports a business daily.

The Union Petroleum Ministry is planning to replace the existing cost recovery model with the revenue sharing model, adds the newspaper.

The new policy model is expected to be approved by the Cabinet Committee on Economic Affairs (CCEA) shortly, adds the daily.

Also, the auction could see the introduction of the opean acreage licensing policy that would replace the NELP.

The 46 blocks being short-listed for the next round of auction include 17 onland, 15 shallow water and 14 deep water fields, according to data from the Directorarte General of Hydrocarbons (DGH).

India's crude oil imports rose to 189.43 million tonnes in FY15 as against 171.73 million tonnes in FY12.