Last date of bidding for oil and gas blocks extended to Oct 12
The government has extended by two months the last date of bidding for the nation's largest ever auction of oil and gas blocks to October 12, an official said.business Updated: Aug 04, 2009 16:12 IST
The government has extended by two months the last date of bidding for the nation's largest ever auction of oil and gas blocks to October 12, an official said.
A revised timetable has been drawn after finance minister Pranab Mukherjee extended the 7-year income tax holiday to natural gas production.
The first of the promotional roadshows for 70 blocks offered under the eighth edition of New Exploration Licensing Policy (NELP) and 10 coal bed methane (CBM) areas will be held in Mumbai on August 8, a Petroleum Ministry official said.
India had on April 9 launched the eighth round of auction of blocks for exploration under NELP with August 10 being the last date for bidding. But it was deferred over ambiguity on the availability of tax holidays for natural gas.
"The last date of bidding will be October 12," he said.
After Mumbai, roadshows will be held in Houston (August 20-21), Calgary (August 24-25), London (September 8-9), Perth (September 22) and Brisbane (September 24-25).
Data centres have been set up at oil regulator DGH's office in Noida, on the outskirts of the national capital, London, Calgary, Houston and Perth, he said.
The round is being relaunched after Mukherjee in his Budget for 2009-10 said that seven years holiday from payment of income tax on profits earned from production and sale of natural gas would be available for blocks to be awarded in NELP-VIII.