India to offer 56 oil & gas blocks in new licensing round.

India will offer at least 56 oil and gas blocks for bidding under completely revamped terms, Oil Secretary Vivek Rae today said.

'We will profile 56 blocks at the Petrotech conference next week. But notice inviting tender (or bids) will come out some time next month,' he said here on the sidelines of an industry event.

The 10th round of auction under the New Exploration Licensing Policy (NELP-X) will require bidders to quote the amount of oil or gas output they are willing to offer to the Government from the first day of production, he said.

The terms are the same as those suggested by a panel headed by Prime Minister's Economic Advisory Council Chairman C. Rangarajan for awarding future oil and gas block contracts.

HBL