FCC

Government extends deadline for oilfield auctions

2023-05-18

The Indian government has extended the deadline for bid submission in the eighth round of oilfield auctions to 5 July 2023. This is yet another extension for the auction, which was launched on 7 July 2022.

The government has also extended the deadline for the special coal bed methane (CBM) bid round to 30 June 2023. The CBM round was launched on 10 October 2022.

The government has also approved several modifications to the bid documents of the eighth bidding round. The new rules permit companies to carve out larger blocks, modify bid evaluation criteria and incentivise early monetisation of discoveries.

The modifications to the bid documents are aimed at attracting more companies to participate in the auction and to ensure that the government gets the best possible value for its oil and gas assets.

The eighth round of oilfield auctions will offer 57 oil and gas blocks for exploration and production. The blocks are located in a variety of sedimentary basins across the country.

The government is hoping that the auction will help to boost domestic oil and gas production and reduce the country's dependence on imports.

The auction is expected to be keenly contested by both Indian and international companies. The government is confident that the auction will be a success and that it will achieve its objectives.