NEW DELHI, Dec. 26 (UPI) -- State-run Indian Oil Corp. says it is planning to venture out alone in domestic oil and gas exploration and production activities.
IOC said it plans to aggressively bid as an operator for small blocks put on offer under the seventh New Exploration Licensing Policy round.
"The small blocks give IOC an opportunity to participate on its own as an operator. Till now IOC has not been able to acquire assets as an operator due to the technical criterion prescribed," said B.M. Bansal, IOC's director of planning and business development.
The government in the latest round of NELP introduced a new type of on-land blocks, called Type-S, which cover small areas of up to 200 kilometers, The Business Line newspaper said Monday.
Bansal said participation in this category will give the company the desired experience of an operator.
"For deepwater exploration, we will have to rope in a partner with technical expertise, however," he said.
"The business strategy of the company focuses primarily on expansion across the hydrocarbon value chain, both domestic and overseas, while simultaneously revisiting its strategic plans and undertaking mid-course corrections, wherever necessary."
