India drew $36 bn investment from pre-2014 NELP bid rounds: Oil ministry

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India drew $36 bn investment from pre-2014 NELP bid rounds: Oil ministry - Business Standard

Quick Summary:

The 254 blocks awarded in nine bid rounds of NELP between 1999 and 2010 attracted USD 17.6 billion investment in exploration that led to 67 oil discoveries and 110 gas finds, and another USD 18.64 billion in development of some of those discoveries.

India attracted over USD 36 billion investment from nine NELP bid rounds held before 2014, and has so far yielded 177 oil and gas discoveries, according to a report commissioned by the Petroleum Ministry.

Under the New Exploration Licensing Policy (NELP), blocks were awarded to bidders promising maximum exploration, allowing them to recover investments from oil and gas they discover and produce before sharing profits with the government.