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April 22, 2008 / 11:39 AM

India to auction 57 oil, gas blocks

NEW DELHI, April 22 (UPI) -- India said it will auction 57 oil and gas exploration blocks under the seventh round of the new exploration licensing policy.

Junior Minister for Petroleum and Natural Gas Dinsha Patel told Parliament Tuesday that the deadline for bids is May 16.

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He said in a written statement that of the 57 hydrocarbon blocks, 29 are on land, 9 in shallow water and 19 in deep water. He said the blocks would be awarded to the successful bidder on an international competitive-bidding process with equal terms and conditions to Indian as well as foreign companies.

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Dinsha Patel

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