The bid deadline for the seventh round of the New Exploration Licensing Policy (NELP) has been extended once gain. Previously May 16, the new bid closing date has been moved to June 30.
The deadline has been extended to offer more time to potential bidders in lieu of the high demand for the offered blocks, said India's Petroleum Minister. He added that these prospective bidders need time to firm up their bidding strategies. This licensing round holds promising potential in areas that are historically under-explored.
"Indian sedimentary basins are still poorly explored in terms of well density," said Indian Minister of Petroleum & Natural Gas Murli Deora, "which means [there is] higher opportunity for the E&P companies and more chances to get oil and gas in the country."
Of the 57 blocks being offered during the round, 19 of the blocks are located in deep water, 9 blocks are located in shallow waters and 29 blocks are onshore.
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