India sold 115 oil-gas blocks in 5 yearsadmin
India said it has signed pacts for auctioning 115 oil and gas exploration blocks during the past five years under a new policy.
Minister of Petroleum and Natural Gas Murli Deora said in a statement to Parliament that India had signed production-sharing contracts for 115 exploration oil blocks during the past five years under the new exploration licensing policy.
He said exploration activities had started in 109 of the 115 blocks, adding 36 oil and gas discoveries were made during 2002-07 in the NELP blocks.
“After commercial production, government gets share of profit petroleum as per the contract,” he said.