23 OIL & GAS BLOCKS OF­FERED

The Asian Age - - Financial Chronicle -

Mukesh Am­bani owned Re­liance In­dus­tries, Ruia brothers owned Es­sar Oil & Gas Ex­plo­ration and Pro­duc­tion and Great East­ern En­ergy Corp.

CBM is a kind of nat­u­ral gas which is found in coal de­posits.

State- owned Oil and Nat­u­ral Gas Corp also has CBM blocks. Cur­rently the most promis­ing re­gion of shale de­posits is around the east­ern part of In­dia called as Damodar Val­ley basin, where the first ex­plo­ration for shale is ex­pected to start. New Delhi, Feb. 10: The govern­ment on Sun­day launched the third bid­ding round un­der its open acreage li­cens­ing pol­icy ( OALP), ac­cord­ing to a govern­ment state­ment.

Twenty- three blocks cov­er­ing an area of 32,000 square kilo­me­tres were of­fered for bid­ding, out of which five are for ex­trac­tion of coal bed meth­ane.

To­tal ex­plo­ration acreage is ex­pected to more than triple to 300,000 square km in two years end­ing 2019, the state­ment read. The third round of bid­ding is ex­pected to gen­er­ate up to $ 700 mil­lion, the govern­ment said.

The govern­ment has set a tar­get to cut In­dia’s de­pen­dence on for­eign oil to 67 per cent by 2022.— Reuters

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