India's next oil licensing round opens October 15

The government will offer 34 oil and gas blocks in its next exploration licensing round that would be launched on Oct 15, two government sources said on Tuesday.                                            

In its previous eight rounds of auctions, New Delhi has awarded 235 blocks including the east coast D-6 deepwater block where Reliance Industries has struck huge gas reserves.                    

Bids for the latest auction will close on March 18, 2011, one of the sources said on condition of anonymity.                                           
 

In 1999, the government launched its New Exploration and Licensing Policy (NELP), offering better terms for contractors to attract investment in Asia's third-largest oil consumer.                

India imports over two-third of its crude oil needs and is keen to reduce its dependence on overseas purchases.                              
 

Oil minister Murli Deora will hold a showcase for the auction in London on Friday, the sources said.                                           

"This will be followed by roadshows in Mumbai, Houston, Calgary and Perth. We may hold a roadshow in Singapore and Moscow as well."                                           
 

Indian auctions have seen scant interest by global oil majors in the past, but foreign firms such as Cairn Energy, and local companies such as Reliance and state-run Oil and Natural Gas Corp have been active in prior auctions.                                           
 

In October 2009, India's auction of oil and gas exploration blocks met a tepid response as the economic slump, valuations and a corporate battle over the sale of gas from Reliance Industries'' field deterred investors.                                           

The country offered 70 exploration blocks, and eventually signed contracts for only 32 blocks, with an investment commitment of about $1.3 billion.