India Awards 45 Of 57 Blocks In Latest Upstream Round

India expects to award 45 of the 57 blocks offered in the seventh round under its New Exploration Licensing Policy by August 31, the oil ministry said late-Monday.

There were no takers for 12 blocks when bidding closed at noon local time on June 30.

To speed up the decision-making process, the Directorate General of Hydrocarbons had carried out a quick preliminary evaluation of each bid right after submission, and the oil ministry expects to announce its final decision August 31. Contracts are expected to be signed by September 30.

The 45 blocks to be awarded in the NELP VII bidding round include 12 deep water blocks, seven shallow water blocks and 26 onland acreages.

Seven deep water blocks, two shallow water blocks and three on-land blocks did not receive any bids, the ministry said.

"The award of blocks is likely to be fairly balanced in favor of public sector E&P companies and the private sector, including Indian and foreign companies," the ministry said.