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Petroleum Minister Launches Offshore Bid Round
The minister assured investors transparency, efficiency, and ease of doing business in the bidding process
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Union Petroleum Minister Hardeep Singh Puri on Monday launched the Offshore Bid Round offering assured transparency, efficiency, and ease of doing business to investors.
Puri launched the Offshore Bid Round offering 26 blocks – 18 carved out by Directorate General of Hydrocarbons (DGH) and eight as a result of expression of interest (EoI) from potential investors. These blocks cover approximately 2.3 lakh sq km.
Out of 26 blocks, three blocks based on EoIs are onshore covering an area of only 3,666 sq km, a media release said.
Puri also launched the Special CBM (known as Coal Seam Gas) Bid Round-2022 for International Competitive Bidding on Monday in Houston. He shared his views on its importance in increasing India’s domestic production and reducing the country’s import burden.
A step towards meeting this demand growth and reducing the hydrocarbon import dependency, India has made "transformational reforms" in the recent years since the formulation of the policy of CBM.
These investor-friendly policy reforms have made the CBM sector an attractive investible opportunity, the media release said.