Govt may stop inviting bids after Nelp IX

The government may stop inviting bids for rights to explore oil and gas under New Exploration Licensing Policy IX (Nelp) terms, replacing an exploration model that has been in vogue for roughly a decade with an ?open acreage? model, a top government official said Monday.

The open acreage model allows domestic and global oil majors to bid for exploration rights through the year. Also, they can identify and bid any offshore or onshore block in the country.

?Hopefully, there will be no (10th round of) Nelp,? S Sundareshan, secretary and top official in petroleum ministry, told TickerNews. ?We hope to launch in the next 8-10 months an open acreage model,? he said, who became the ministry?s top bureaucrat in February.

Source: The Financial Express, Delhi, 10th August 2010,
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