GREATER NOIDA: India on Sunday used Petrotech 2019 – the domestic industry’s bi-annual global jamboree – as a platform to showcase one of its key business reforms by offering 23 blocks for bidding under liberalised terms, even as oil minister Dharmendra Pradhan announced the government’s resolve to achieve universal access to clean cooking fuel.

The offer of exploration blocks was the third under OALP (Open Acreage Licensing Policy), wherein investors carve out acreages of their choice, and is expected to draw investment commitment of $700 million. The blocks include five for CBM (coal bed methane or gas trapped between coal seams) and cover 31,000 sq km area. Bid closes on April 10. OLAP-III will run concurrently with OALP-II, wherein 14 blocks covering 30,000 sq km is under bidding till March. In OALP-I, 55 blocks on 60,000-sq km were offered in January 2018 and awarded in October. The round received investment commitment of Rs 60,000 crore.



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