Where Big Oil fears to tread: only 9 in fray for first rounds of auctions

Persisting policy uncertainty keeps major global players away from participating in oil and gas blocks, despite a new, modified exploration policy

Consider this paradox. Petroleum and natural gas accounts for about 15 per cent to India's GDP; but since 2000, the sector has contributed only 1.87 per cent ($6.87 billion) of foreign direct investment inflows. 

It was with the intention of changing these skewed statistics that the Narendra Modi government announced a fresh round of explorations almost eight years after the last round of the New Exploration and Licensing Policy (NELP), modified and labelled the Open Acreage Licensing Policy (OALP). 

Under this new policy, the bidder is being given the opportunity to carve out the area it wants to explore (rather than being