India hopes to sign oil, gas auction deals in 3 months

India hopes to sign within three months contracts for 33 oil and gas exploration blocks under the ninth licensing round, the oil secretary told reporters on Monday.

A government source earlier said there were no bids for one block in the latest round which had offered a total of 34 blocks. Results of the auctions will be announced later on Monday. The blocks are being offered under India's New Exploration and Licensing Policy (NELP) which was launched in 1999 offering more attractive terms to boost higher investment in the oil and gas sector of Asia's third-largest oil consumer. India expects investments of USD 14 billion in its ninth licensing round which includes eight deepwater blocks, seven shallow water and 19 onshore. In its previous eight rounds of auctions New Delhi has awarded 235 blocks. Also Read: India gets 74 bids for 33 oil, gas blocks: Source