The next round of auction of oil and gas blocks under the New Exploration Licensing Policy (NELP) will be held by the end of 2015-16 fiscal, Petroleum and Natural Gas Minister Dharmendra Pradhan said on Friday.
The minister also said that the government is mulling to introduce "open acreage" system and also plans to change the formula for production sharing agreement. "In this financial year, only 10th round of auction will be held.
We are talking to stakeholders. We are talking to international experts... we are observing the different models of the world (for the NELP-X round)," Pradhan told reporters here.
NELP-IX auction was conducted in 2012. He said the government is contemplating to make three major changes in the auctioning system that includes abolishing block auctioning by bringing "open acreage" system in which the bidding and award of acreages will be a continuous, demand-based process. "In NELP-X, there will be three major thrust areas.
There are some issues with the current production sharing model. CAG has also made some observations. Looking back into our past experience, we are talking to different stakeholders on how it should be.
"Number two is the general acreage policy. Previously there was a block system. Now looking into the new channels acreage system will be open so that anybody can bid for any acreage, according to their own requirement," Pradhan said.
The government is also planning to allow the bidder or contractor to extract any unconventional hydrocarbons (other than oil and gas) if found, he added.
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