Govt signs 31 contracts under new oil exploration policy

Indian government signed 31 Product Sharing Contracts (PSCs) for 31 oil and gas blocks awarded to 23 companies in the eighth round of auction, under the New Exploration Licensing Policy (NELP) on Wednesday. Petroleum and Natural Gas Minister, Murli Deora, and Law Minister Veerappa Moily presided over the signing ceremony held in national capital New Delhi. Out of the 31 blocks, 17 blocks have been awarded to national oil companies like Oil and Natural Gas Corporation (ONGC), Oil India Ltd (OIL) and National Thermal Power Corporation (NTPC). India aims to launch the ninth round of oil and gas blocks licensing in the third quarter of 2010.