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The Union Cabinet is expected to consider a proposal to put oil and gas blocks for competitive bidding under the 10th round of the New Exploration Licensing Policy (NELP) in a meeting expected to be held on Thursday. The auction is expected to be held sometime in January.
According to a senior official, the panel of ministers will take into consideration the proposal moved by the ministry of petroleum and natural gas. In November, oil minister Veerappa Moily had announced that the 10th round of auction would be held in January. Under the ninth round of NELP held in 2011, 74 bids were received for 33 of the 34 blocks. Only 19 were awarded.
The Directorate General of Hydrocarbons has carved out 86 blocks, for which necessary clearances are being taken from different ministries.
Officials said the government also plans to hold pre-bid roadshows across the US, Europe and Southeast Asia to sell the energy reforms story India has undertaken.
Under the ninth round of NELP held in 2011, 74 bids were received for 33 out of the 34 blocks. But ultimately, only 19 blocks were awarded.
