Reliance Industries bids for 6 oil blocks | business | Hindustan Times
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Reliance Industries bids for 6 oil blocks

Reliance Industries has submitted sole bids for six exploration blocks under the latest exploration licence round, an industry source told reporters today.

business Updated: Mar 28, 2011 11:09 IST

Reliance Industries has submitted sole bids for six exploration blocks under the latest exploration licence round, an industry source told reporters on Monday.

He said the blocks are located in Andaman, Cambay Basin and Rajasthan.

The blocks are being offered under New Exploration and Licensing Policy (NELP) which was launched in 1999 to offer better terms for contractors in an effort to attract investment in the oil and gas sector of Asia's third-largest oil consumer.

India expects investments of $14 billion in its ninth licensing round for 34 exploration blocks, of which eight are deepwater blocks, seven in shallow water and 19 are onshore.

In its previous eight rounds of auctions, New Delhi has awarded 235 blocks.